Thursday, May 5, 2011

Marcus & Millichap Sells 42-Unit Apartment Property in Tampa, FL for $455,000

TAMPA, FL, May 5, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Lexington Court (top left photo), a 42-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 $455,000.

Michael P. Regan (lower right photo), an associate vice president investments, Francesco P. Carriera, a senior associate and Nicholas Meoli, a multifamily investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor based out of California.

The buyer, a private investor, was secured and represented by Regan and Carriera.

Lexington Court was built in 1974 and is located at 11738 North 14th Street. 

“This was an FDIC assisted short-sale transaction.  After several months of marketing, we were able to generate multiple offers.  Keeping prospective buyers engaged was not an easy task while we were waiting for final lender approval, as the property, its income and its location continued to depreciate” says Carriera.

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

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