TAMPA, FL—Monaco Villas, a 106-unit vintage multifamily community in Tampa, FL, has sold for pennies on the dollar. The distressed apartment building traded for $1.75 million, or $16,509 per unit, to a foreign investor.
Casey Babb, a senior multifamily specialist, and Luis Baez, associate in Marcus & Millichap‘s Tampa office, had the exclusive listing to market the property on behalf of the seller, an Ohio-based partnership. The buyer, a private investor based in Canada, represented itself.
“Monaco Villas suffered from low occupancy and was only 18% occupied at the time of sale,” says Babb. “However, the investor market viewed this as an opportunity, as evidenced by the 16 written offers we received.”
Built in the 1970s, Monaco Villas is located at 14323 Lucerne Drive in the university submarket of north Tampa. The gated community has a mix of one- and two-bedroom townhomes and flats on a 5.53-acre rectangular site.
Area amenities include an on-site leasing office, a swimming pool, laundry center, and tennis court. The sale also included one-acre parcel at 1501 Skipper Road, which currently services a landscaping business.
“The buyer pledged a six-figure, non-refundable deposit and closed within 30 days of signing the contract,” says Babb. “Distressed multifamily opportunities are few and far between but remain one of the most attractive for most investors.”