Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Garden Isles Apartments, a 300-unit multifamily community located 10 minutes from the University of South Florida in Tampa, Fla. The $12,360,000 sales price equates to $41,200 per unit. Francesco Carriera and Michael Regan, both vice presidents investments in Marcus & Millichap s Tampa office, represented both parties in the transaction.
Hillsborough County properties remain a focal point for multifamily investors, says Carriera. A pervasively optimistic outlook among buyers, supported by a strengthening economy and property operations, are sustaining a heavy volume of transactions in Tampa Bay.
Garden Isles Apartments provides the new owner with an excellent opportunity for revenue enhancement through the continuation of the renovation program, adds Regan.
The property is located on more than 16 acres at 6919 Bonair Drive in Tampa. The entrance is accessed from 56th Street, a major north/south thoroughfare that provides direct access to Interstate 4, which leads to downtown Tampa and Orlando. Nearby Busch Boulevard provides access to the Busch Gardens theme park, Adventure Island water park, Interstate 275 and Interstate 75. The largest business district on Florida s west coast, the Westshore business district, is also nearby.
Garden Isles Apartments was built in 1971 and consists of 12 two-story buildings, seven three-story buildings and a standalone fitness center. The buildings feature 146 one-bedroom/one-bath units, 137 two-bedroom/one-bath apartments and 17 two-bedroom/two-bath units. Amenities include 24-hour gated access, 12 on-site laundry facilities, a car wash station, a playground, a dog walking area and two swimming pools. At the time of the sale, 156 unit interiors had been updated with either white ceramic tile floors or laminate wood floors and new white kitchen appliances. Select units received new cabinetry in the kitchens and the bathrooms. Water, sewer, trash and pest control are included in the rent.