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 Renee Lynne, a 12-unit apartment property located in Brandon, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,173,000.
The buyer, a private investor, was secured and represented by Miles Tombrink, Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office.
“Renee Lynne is another example of our team’s ability to help our clients successfully increase cash-flow by establishing a business plan to execute upon. Our client was able to exit a smaller, lesser-performing property and use the proceeds from that sale to 1031-exchange into this opportunity. Our client was attracted to the in-place stability of the asset combined with the long-term appreciation of the investment due to its location,” says Tombrink.
Renee Lynne was built in 1973 of solid concrete block construction and has pitched single roofs. The property received a full renovation in 2017, which included a new roof, 11/12 new A/C units, condo-quality interior upgrades and a newly painted exterior. The apartment community is walking distance from Brandon Regional Hospital, a major employer in the submarket. Renee Lynne is located at 202 Mason Street in Brandon, 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
