Private Investors Still Like Multifamily
TAMPA, FL—Demonstrating that there remains a strong appetite for multifamily assets among private investors, Judy Ann Apartments has traded hands. The sale price was $1.1 million.
Michael Donaldson and Nicholas Meoli, senior associates in the Tampa, FL office of Marcus & Millichap, had the exclusive listing to market the multifamily property on behalf of the local seller, a limited liability company. Donaldson, Meoli, and Earle Hyman, a senior vice president investments in M&M's Encino office, secured the buyer, a private investor from Bradenton.
“The apartment market is continuing to grow stronger and national investors are targeting the Tampa Bay area,” says Meoli. Judy Ann Apartments offers 20 units in Pinellas Park, FL. The multifamily asset sits on about 2.5 acres of land and is located at 5501 70th Avenue North.
“The investment community is foreseeing positive rental growth in 2014 which is driving demand and compressing cap rates for infill locations throughout the west coast of Florida,” says Donaldson. The multifamily property was built in 1983 and consists of seven, one-story buildings comprised of 20, two-bedroom/one-bathroom units. Common area amenities include an onsite laundry facility and ample onsite parking.
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