TAMPA, Fla., February 28, 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 Oakwood Court, a 26-unit apartment property located in Tampa, Fla., according to Christopher W. Travis, regional manager of the firm’s Tampa office. The asset sold for $1,750,000.
Miles Tombrink, Luis Baez, CCIM, Casey Babb, CCIM and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, had the opportunity to market the property on behalf of the seller, a partnership. The buyer, a private investor, was secured and represented by Miles Tombrink, Luis Baez, CCIM, Casey Babb, CCIM and Shawn Rupp.
“Oakwood Court provided investors the opportunity to purchase a well-located asset with 27% vacancy and major rehab needed to several units. Through our marketing efforts, we were able to come to terms with a highly qualified buyer within 7 days of marketing that closed in 41 days at 97% of asking price,” says Tombrink.
Oakwood Court is located at 5313 Oakwood Court in Tampa, Fla. Situated less than half-a-mile from I-4 and I-75, Oakwood Court presents residents ease of access to major demand drivers and employment hubs. The property is made up of 13 duplexes containing all two-bedroom/one-bathroom units on 3 contiguous parcels. The buildings are all concrete block construction and were built in various years starting in 1970.
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.