TAMPA, FL, April 7, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Elizabeth Arms (top left photo), a 55-unit apartment property located in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $900,000.
Michael P. Regan (top right photo), an associate vice president investments and Francesco P. Carriera, a senior associate in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Florida-based private investor. The buyer, a limited liability company, was secured and represented by Regan and Carriera.
Elizabeth Arms is a five-unit apartment complex built in 1971 and located at 4115 Carnegie Court A. The property is of concrete block construction and consists of six buildings on approximately 3.03 acres.
“Elizabeth Arms was a former Project Based Section 8 Community. After having the HAP contract pulled for non-compliance issues, the property was vacated and then boarded up” says Regan.
“With the help of a local development group and a non-profit organization, we were able to close this deal through the Neighborhood Stabilization Program. This is the second transaction we have closed with NSP funds.”
Hyde Park Pointe Apartments in Tampa Go For $1.9 Million
TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Hyde Park Pointe (lower left photo), a 32-unit apartment property located in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.
The asset commanded a sales price of $1,900,000.
Casey Babb, CCIM (lower right photo), a senior investment specialist, and Luis Baez, investment specialist in the firm’s Tampa office had the exclusive listing to market the property on behalf of the seller, a private investor based out of Florida. The buyer, a limited liability company, was also secured by Babb and Baez.
Hyde Park Pointe is a 1960s vintage, “Class B” garden apartment property in a trophy location in the heart of the Hyde Park/SoHo District. The property was fully-stabilized at the time of sale and the buyer is planning strategic upgrades to the unit interiors and building exteriors.
“The offering received serious interest from active investors and the per unit sales price of $59,375 per unit was one of the highest in the small apartment marketplace in recent memory,” says Babb.
“It proves that fully-stabilized, well-located properties have held their value well and that investors may be slowly shifting away from ‘bank-owned only’ deals and back to quality real estate with good underlying fundamentals in-place.
“This particular buyer is planning a long-term hold strategy and should do very well with this investment,”
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
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