TAMPA, FL—While investors are flocking toward class A multifamily assets in core markets, not everyone has an appetite for the trophy apartment complexes. Indeed, smaller multifamily communities are still selling in droves.

The latest example comes out of Tampa. Eden Court Apartments, a 28-unit multifamily community, has traded for $1.245 million.

Francesco Carriera and Michael Regan, vice presidents investments, along with Joshua Teplitzky, investment specialist in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor based in Connecticut.  The listing agents also found a buyer, a private investor from Delray Beach, FL

“We generated 10 offers throughout the marketing process and received a large amount of interest from local South Tampa investors,” says Teplitzky. “The two highest bidders were from South Florida and Canada. The availability of attractive financing really drove the top bidders over several strong cash offers.”

Built in 1973, Eden Court Apartments is located at 3712 West Cass Street in Tampa. The multifamily property has two, two-story buildings with 28 one-bedroom/one-bathroom units spanning 700 rentable square feet each.

The multifamily buildings have undergone renovations. They were repainted, 10 air-conditioning units were replaced, and the interiors of 26 out of 28 units were completely gutted and restored.