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 Avesta Heritage Cove, a 90-unit apartment property located in Temple Terrace, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $8,450,000.
Joshua Teplitzky, 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 Joshua Teplitzky, Francesco P. Carriera, and Michael P. Regan.
Avesta Heritage Cove consists of 90, two-bedroom/one-bathroom units with 850 rentable square feet. The property sits on a 4.77-acre parcel of land in Tampa’s Hillsborough County.
Originally built in 1983, the property has recently undergone significant capital improvements to the interior and exterior of the property. Interior renovations include bringing a former non-revenue unit back online, resurfacing countertops and installing vinyl wood flooring. Exterior improvements include revitalized landscaping, new exterior paint, expanded pool deck with new pavers, new gated entryway, reinforced staircases and repair of gutters.
“This sale was the product of several consecutive years of working directly with the ownership to dramatically improve operations while preparing for the disposition of this asset. The buyer of Avesta Heritage Cove was willing to pay a 5.19% cap rate, which is well above the market average for 1980’s product in Temple Terrace. The seller received an off-market offer prior to listing the asset at approximately one million dollars less than our closing price, which once again confirmed our ability to drive value through creating a market for an asset,” concluded Teplitzky.
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
