Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Lois Landing, a 56-unit apartment property located in Tampa, Florida, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $10,350,000.
Casey Babb CCIM, Luis Baez CCIM 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. The buyer, a private investor, was secured and represented by Casey Babb CCIM, Luis Baez CCIM and Shawn Rupp.
“This successful disposition is a testament to the high demand for core apartment assets in the Tampa Bay MSA. Our team partnered with the Seller for over 2-years leading up to the sale and ended up achieving 105 percent of his original pricing expectations and we expect this will be the first of many such partnerships going forward. The Buyer, who recently relocated to Florida from California, was not only attracted to the Class A+ location but also the solid concrete block bones and the impeccable job the Seller did with the rehab. In addition, the Buyer plans to execute on the business plan to finish the unit renovations and fully unlock the income potential of this incredible asset.” says Luis Baez.
With the sale of Lois Landing, The Babb Group is proud to announce we have now executed on 35 closings in 2020 collectively valued at nearly $93 million and we have another 13 deals valued at $126 million scheduled to close before year end.
Lois Landing is located at 215 S Lois Ave in Tampa, FL.
