Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Oakwood Court, a 26-unit apartment property located in Tampa, Fla., according to Christopher W. Travis, regional manager of the firm’s Tampa office. The asset sold for $1,750,000.
Miles Tombrink, Luis Baez, CCIM, Casey Babb, CCIM and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, had the opportunity to market the property on behalf of the seller, a partnership. The buyer, a private investor, was secured and represented by Miles Tombrink, Luis Baez, CCIM, Casey Babb, CCIM and Shawn Rupp.
“Oakwood Court provided investors the opportunity to purchase a well-located asset with 27 percent vacancy and major rehab needed to several units. Through our marketing efforts, we were able to come to terms with a highly qualified buyer within 7 days of marketing that closed in 41 days at 97 percent of asking price,” says Tombrink.
Oakwood Court is located at 5313 Oakwood Court in Tampa, Fla. Situated less than half-a-mile from I-4 and I-75, Oakwood Court presents residents ease of access to major demand drivers and employment hubs. The property is made up of 13 duplexes containing all two-bedroom/one-bathroom units on 3 contiguous parcels. The buildings are all concrete block construction and were built in various years starting in 1970.