TAMPA, Fla., July 30, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of The Grand, a 24-unit apartment property located in Tampa, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $1,930,000.
Luis Baez, CCIM, Miles Tombrink, Casey Babb, CCIM and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, Luis Baez, CCIM, Miles Tombrink, Casey Babb, CCIM and Shawn Rupp.
“Due to our marketing capabilities, we were able to generate 15 written offers before coming to terms with a client out of California. The large number of interested investors allowed us to compress due diligence timeframes and close at full contract price,” said Tombrink.
The Grand is located at 8731 North 50th Street in Tampa, Fla. The Grand is a conventional 24-unit apartment community located in Tampa, Florida in Hillsborough County situated on 1.15 acres. The property consists of two, two-story buildings consisting of 16 two-bedroom/one-and-one-half-bathroom townhouses each 1,058 square feet; one, two-story building consisting of four, two-bedroom/one-bath units each 702 square feet; and two, one-story buildings consisting of four, two-bedroom/one-bath units each 812 square feet. All five buildings are 1980’s construction of concrete block with a painted stucco facade and all with pitched shingle roofs. All units feature central HVAC units and washer/dryer connections. The townhome layouts also feature dishwashers and an area in the back that can serve as a semi-private patio. All units are sub-metered for water/sewer consumption, and all units separately metered for electricity consumption. Residents are convenienced by the close proximity to an abundance of jobs and public transportation giving them easy access to other parts of the Tampa metro.
The Grand is conveniently located one block south of Busch Boulevard, a major east-west thoroughfare providing access to major interstates and state highways. Situated just minutes from major employers and employment hubs, the property offers residents a central location with convenient access to many jobs. Major points of interest in close proximity to The Grand include Busch Gardens and Adventure Island (0.92 miles and 3,000 employees), University of South Florida (2.0 miles and 16,000 employees) and University Mall (3.0 miles) which is undergoing a massive mixed-use repositioning and bringing in major national tenants. Located 3.5 miles from The Grand is Interstate 275, giving access to Downtown Tampa (60,000 employees and 20 minutes’ drive) and Westshore Business District (94,000 employees and 25 minutes’ drive).
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.