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Two rental properties in Tampa fetch $27.69 million

Two rental properties in Tampa fetch $27.69 million
Marcus & Millichap handled the sale of the apartments for an average of $58,665 per unit
December 26, 2015 12:00PM

Willow Brooke Apartments

Commercial real estate brokerage Marcus & Millichap announced the sale of two Tampa apartment properties for an average of $58,665 per unit.
The two low-rise apartment complexes have 472 units altogether and sold for a total of $27.69 million.
“The properties were cross-collateralized with in-place debt that had to be assumed, which took a couple of months to complete,” Frank Carriera, a vice president investments of Marcus & Millichap, said in a press release. The new owner has an opportunity “to add value through the continuation of strategic interior upgrades and the ability to capitalize on below-market rents.”
Westminster Chase Apartments

The brokerage represented the seller of 248-unit Willow Brooke Apartments, a group of 16 two-story buildings located a half-mile from the University of South Florida.
Marcus & Millichap also handled the sale of 224-unit Westminster Chase Apartments, a cluster of 17 two-story buildings plus a clubhouse, fitness center, swimming pool and playground.
Located 10 minutes by car from downtown Tampa, Westminster Chase has 156 one-bedroom, one-bathroom units and 68 two-bedroom, one-bathroom units.

Source: The Real Deal

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