BRANDON, Fla., January 21, 2020 – 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 Montclair Townhomes, a 26-unit apartment property located in Brandon, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $4,250,000.
Shawn Rupp, Casey Babb, CCIM and Luis Baez, CCIM, and 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 secured and represented by Shawn Rupp, Casey Babb, CCIM and Luis Baez, CCIM.
“This deal was an extremely rare opportunity to own a new construction, under 50-unit apartment complex outside of the Urban Core. The property had strong interest with multiple offers and went under contract at full price nine days after the listing hit the market,” said Rupp.
Montclair Townhomes is located at 405 Belle Montclair Loop in Brandon, Fla. The property consists of three two-story townhome-style buildings made of concrete-block construction consisting of twenty-three-bedroom/two-and-one-half-bathroom units and six two-bedroom/two-and-one-half-bathroom units averaging 1,572 square feet. All units are new construction with high-end finishes, fully appointed kitchens, hard surface flooring, washer and dryer in-unit, and new appliances. Average rents of $1,387 per month or $0.88 per square foot allow an incoming owner to further maximize rents by drafting behind the newly constructed communities nearby that are averaging $1.32 per square foot. This is one of the rare opportunities to own one of the few concrete block, turn-key apartment communities in Brandon, a highly desirable rental market with very little apartment product under 100 units and that has historically achieved high occupancy levels and very little resident turnover in comparison to some of the more urban rental markets.
Montclair Townhomes lies near the intersection of Brandon Boulevard (Highway 60) and Lithia Pinecrest Road in the core of the Brandon neighborhood. Residents enjoy living in direct proximity to a large selection of popular restaurants and shopping destinations including the Brandon Towncenter as well as a short commute to Tampa’s largest employment centers, military base, universities, hospitals, concert and sporting venues, shopping, nightlife, and entertainment. Montclair Townhomes is conveniently located near major highways and the Lee Roy Selmon Crosstown toll road, allowing tenants a short and easy commute to and from the office.
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.