TAMPA, FL—Times have changed, and it's no more apparent than inthe market for distressed multifamily. ColumbiaPark Apartments, a 24-unit multifamily complex in Tampa, FL, justsold for $1.325 million. The sale price totals $55,208 perunit.

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Michael Donaldson, vice president investmentsand Nicholas Meoli, senior associate in Marcus& Millichap's Tampa office, represented both parties in thetransaction. The multifamily asset is located at14309 North 18th Street in Tampa.

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“Bringing an REO foreclosure sale to market in 2014 is not whatit used to be several years ago,” says Donaldson. “This propertygarnered so much interest from the local, national andinternational markets that our tour days were completely bookedwith upwards of several hundred inquiries into the property.”

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Built in 2004, the multifamily buildings sit onabout 2.36 acres of land and are constructed of concrete block witha stucco exterior. The multifamily property offersthree, two-story residential buildings made up entirely ofthree-bedroom/two-bathroom units.

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“Part of the appeal of the property was that it was a 2004concrete block construction and the unit mix was comprised ofentirely three-bedroom floor plans, making this a rare find in aproperty of this size,” says Meoli. “Through our extensivemarketing campaign in conjunction with Auction.com, we were able toclose on the asset with an out-of-state cash buyer who wasattracted to the positive property attributes and proximity to USFand the surrounding hospitals.”

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