TAMPA, FL—Times have changed, and it's no more apparent than in the market for distressed multifamily. Columbia Park Apartments, a 24-unit multifamily complex in Tampa, FL, just sold for $1.325 million. The sale price totals $55,208 per unit.
Michael Donaldson, vice president investments and Nicholas Meoli, senior associate in Marcus & Millichap's Tampa office, represented both parties in the transaction. The multifamily asset is located at 14309 North 18th Street in Tampa.
“Bringing an REO foreclosure sale to market in 2014 is not what it used to be several years ago,” says Donaldson. “This property garnered so much interest from the local, national and international markets that our tour days were completely booked with upwards of several hundred inquiries into the property.”
Built in 2004, the multifamily buildings sit on about 2.36 acres of land and are constructed of concrete block with a stucco exterior. The multifamily property offers three, two-story residential buildings made up entirely of three-bedroom/two-bathroom units.
“Part of the appeal of the property was that it was a 2004 concrete block construction and the unit mix was comprised of entirely three-bedroom floor plans, making this a rare find in a property of this size,” says Meoli. “Through our extensive marketing campaign in conjunction with Auction.com, we were able to close on the asset with an out-of-state cash buyer who was attracted to the positive property attributes and proximity to USF and the surrounding hospitals.”
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