VALRICO, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Suburban Villas (top left photo), a 36-unit apartment property located in Valrico, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.
The asset commanded a sales price of $2 million.
Casey Babb, CCIM (middle right photo), senior associate and multifamily specialist in the firm’s Tampa office, facilitated the sale on behalf of the seller, a Florida-based private investor and the buyer, a private investor from Connecticut.
Babb explains, “Conventional, non-distressed real estate transactions like Suburban Villas are beginning to reemerge in the marketplace and the new perception for some of today’s investors is that if you are waiting for the perfect distressed opportunity to fall into your lap, you will miss out on tremendous values right now.
“In the case of Suburban Villas, the seller was a long-term owner and was simply retiring from the real estate business. Our initial pricing and the non-distressed nature of the sale turned many people off.
“However, after a full six-month marketing process, we were able to secure a sale at a 33 percent profit for the seller, and the buyer bought in at a 10.79 percent cap rate and a ‘high-teens’ cash-on-cash return.”
Residents have direct proximity to major retail shopping, including Walmart and Home Depot, as well as numerous restaurants, convenience stores, pharmacies and banks.
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
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