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 Park Place, a 92-unit condominium community located in Tampa, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $10,000,000.
John E. Brigel, an investment specialist in Marcus & Millichap’s Tampa office, had the listing to market the property on behalf of the seller, a condominium association. The buyer, a limited liability company, was also secured and represented by John E. Brigel.
“Situated immediately across the street from the University of South Florida, this land represents one of the true, last gems of student housing development potential at USF. Interest from national student housing developers was quite strong as was the final pricing. Both Seller and Buyer are most satisfied with the results of the agreement,” says Mr. Brigel.
Park Place is located at 3400 Fletcher Ave in Tampa, Fla., on an approximately 3.91-acre parcel of land and situated immediately across the street from the University of South Florida. Currently the land is improved with 92 condominiums built in 1973. The land is in a prime location on the northeast corner of a signalized intersection at the University’s main entrance on USF Magnolia Drive.
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
