Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Imperial Village, a 144-unit apartment property located in Seminole, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $19,300,000.
Francesco P. Carriera and Michael P. Regan, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was also secured and represented by Francesco P. Carriera and Michael P. Regan.
“The Seller saw an opportunity to increase value based on the improving location and executed a 100% rehab of all units including new cabinets, granite countertops, slate appliance package, and added washer/dryer connections. This allowed him to increase the average effective rent over $500 in three years. The buyer continues to believe in the mid-Pinellas county market and now currently owns 1,839 units in the county,” stated Francesco P. Carriera.
Imperial Village is located in a fantastic A+ location in Seminole, Fla., with very limited competition and only minutes away from beautiful Gulf Coast beaches and key employment centers. It is a stabilized asset with 94.44 percent occupancy and 96.1 percent average occupancy for surrounding rental comparables. Built in 1971, all interior units were upgraded in 2016. The amenities at Imperial Village include clubhouse, picnic area, swimming pool and new pool deck with pergolas and BBQ areas. Imperial Village is located at 9790 Hamlin Boulevard in Seminole, Fla.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
