Marcus & Millichap Brokers the Sale of a Portfolio in South Tampa for $7M
By Post
Tampa Bay Newswire
Published: Jan 5, 2022

TAMPA, Fla., Jan. 4, 2021– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Bay View Apartments, Kansas Avenue Apartments and Island Flamingo, three apartment complexes in Tampa, Florida. The 36-unit portfolio sold for $7 million.

Bay View Apartments is a two-story, one-bedroom, 8-unit property located at 2920 Bay View Avenue. Kansas Avenue Apartments is a three-building, two-story, 18-unit property located at 2505, 2509 and 2511 W Kansas Avenue. Island Flamingo is a three-story, one- and two-bedroom, 10-unit property located at 517 Columbia Drive. All properties are within 5 miles of Downtown Tampa.

Jhamil Moore, Ben Skinner, and Matt Prozzillo, investment specialists in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private investor. Marcus & Millichap also represented the purchaser, a private investment group based in Los Angeles, California.

“Tampa’s strong multifamily market continues to draw out-of-state investors,” said Moore. “The close proximity to downtown Tampa and several multi-million-dollar expansions and new construction projects are all contributing to the rise in population growth in the area.”

Multifamily investment sales are expected to increase in 2022 with the addition of new mixed-use developments, including the Tampa General Hospital expansion, the multi-billion-dollar Water Street Development, and the Westshore Marina District, an all-new, 52-acre water-inspired destination along Tampa Bay.

Both assets are within 2 miles of Britton Plaza, tenanted by several retailers, including Publix, Dollar Tree, Britton Cinemas, Burlington Clothing Store, Plato’s Closet, Big Lots, and Michaels.

“This was a great transaction for both the buyer and seller. The buyer was attracted to the portfolio due to its location within a premier Tampa submarket and the ability to physically add value and increase rents to market. The seller, who has owned and successfully operated the portfolio since the late 1990’s, was impressed at the value that his portfolio could fetch in today’s market, and decided it was the right time to exit for personal reasons,” said Prozzillo.