TAMPA, Fla., August 20, 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 Lexington Court, a 42-unit apartment property located in Tampa, FL, according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $2,730,000.
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, was also secured and represented by Luis Baez, CCIM, Miles Tombrink, Casey Babb, CCIM and Shawn Rupp.
“Lexington Court provided investors an opportunity to obtain a stabilized asset in a class C submarket with a cash-on-cash return of over 12% on day one,” said Tombrink. “Pairing this with our industry leading marketing capabilities, we were able to obtain six written offers within 45 days of marketing the property, before coming to terms with an out of area investor at 96.3% of list price,” added Baez.
Lexington Court is located at 11738 North 14th St in Tampa, Fla. The property is a conventional 42-unit apartment community located in Hillsborough County situated on 2.46 acres. Lexington Court consists of 21 single-story buildings consisting of 29 one-bedroom/one-bathroom units each 525 square feet; 12 two-bedroom/one-bathroom units each 750 square feet; and one, two-bedroom/one-and-one-half-bathroom unit that is 770 square feet. All 21 buildings are 1970’s construction of concrete block with a painted stucco facade and a blend of pitched shingle and mansard roofs. All tenants have access to an on-site laundry facility and off-street parking. Residents are convenienced by the close proximity to an abundance of jobs and public transportation options giving them easy access to other parts of the Tampa metro.
Lexington Court is conveniently located one block north of Fowler Avenue, 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 Lexington Court include Busch Gardens and Adventure Island (2.11 miles and 3,000 employees), University of South Florida (1.94 miles and 16,000 employees) and University Mall (0.51 miles) which is undergoing a massive mixed-use repositioning and bringing in major national tenants. Located 0.57 miles from Lexington Court is Interstate 275, giving access to Downtown Tampa (60,000 employees and 15-minute drive) and Westshore Business District (94,000 employees and 20-minute 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.