Monday, May 16, 2011

Marcus & Millichap Sells 100-Unit Apartment Property in Tampa, FL for $2.5 Million

TAMPA, FL, May 16, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Sandanay and Stonehenge (top left photo), a 100-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 $2,500,000.

Casey Babb (middle  right photo), CCIM, a senior investment specialist, and Luis Baez (lower left photo), investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the sellers, a partnership based out of Florida. 

Babb made the following comments regarding this transaction. “As far as we know, Sandanay-Stonehenge was the first non-distressed property to trade in the University Tampa submarket in over three years.

“The seller had owned the property for over 15 years and financed 74 percent of the purchase price for the buyer, who was a foreign investment group with holdings in Europe, Canada, the Midwest and now Southwest Florida, which was instrumental in getting this deal closed.”   

Sandanay and Stonehenge are located at 13132 North 19th Street.   Both properties are contiguous and were built in the late 1960s of concrete block construction with either pitched single or built-up tar and gravel roofs.  They are housed in four two-story garden apartment buildings on 2.3 acres.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

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