MIAMI—Not every deal is closed with some meaning, but Marcus & Millichap is making an example out of Puritan Place. The 232-unit garden style multifamily project in Tampa, FL sold for $7.556 million.

Evan P. Kristol, a senior vice president investments in M&M's Fort Lauderdale office, Michael Donaldson, an associate vice president investments, and Nicholas Meoli, a senior associate, in the Tampa office, represented the Lafayette, LA-based seller. M&M also secured the buyer, a private investor from Pembroke Pines, FL.

“This deal is a testament to investors' appetites for stabilized buildings in areas with solid demand drivers,” says Donaldson. “Puritan Place is centrally located in Hillsborough County in close proximity to the area's retail destinations and primary employment centers. The property's strategic location creates both a convenient and practical home for residents, and provided the buyer with a value-add opportunity priced well below replacement cost.”

Puritan Place is a few blocks south of the Hillsborough River at the Puritan Road and North 56th Street intersection. Specifically, the property is located at 7903 Holly Lea Court.

Puritan Place spans 32 two-story buildings. Each mutifamily building holds eight studio apartments, 120 one-bedroom units, 64 two-bedroom units, 16 two-bedroom/two bath townhomes and 24 three-bedroom units.