$2.5 million multifamily asset sold in Tampa

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The Grand
Marcus & Millichap announced the sale of The Grand, a 24-unit apartment property located in Tampa, Florida.

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The Grand, a 24-unit apartment property located in Tampa, Florida, according to David Bradley, regional manager of the firm’s Tampa office. The asset sold for $2,555,000.

Casey Babb, Luis Baez, Miles Tombrink and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.

“Due to the maximum exposure our marketing campaigns provide, we were able to create a competitive bidding environment throughout the marketing process. This allowed us to strike a deal over 98 percent of list price with favorable terms for our Seller. Despite heightened delinquency and other major hurdles brought on by the COVID-19 pandemic, we were able to insert a bridge lender to get the property closed in a timely manner, thus providing another example of why our platform and experience allows our clients to get the highest net proceeds possible,” said Miles Tombrink.

The Grand is located at 8731 N 50th St in Tampa, FL.