TAMPA, Fla., October 15, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Hampton Terrace, a 16-unit apartment property located in Tampa, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $1,790,000.
Miles Tombrink, Shawn Rupp, Casey Babb, CCIM and Luis Baez, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Miles Tombrink, Shawn Rupp, Casey Babb, CCIM and Luis Baez, CCIM.
“Hampton Terrace provided investors the opportunity to acquire a well-located asset in the regentrifying submarket of Seminole Heights. Through our industry leading marketing approach, we were able to generate several offers before coming to terms with an out-of-state buyer in a 1031 exchange within four weeks of launching the property to market,” said Tombrink.
Hampton Terrace is located at 5416 North 9th Street in Tampa, Fla. The conventional 16-unit apartment community located in the Seminole Heights District, Tampa’s original suburb just 3 miles north of downtown and 4 miles east of the Westshore Business District. The property consists of two, two-story buildings made of concrete-block construction consisting of eight one-bedroom/one-bathroom units and eight two-bedroom/one-bathroom units averaging 747 square feet. Most units have been renovated with vinyl plank flooring, interior paint, updated cabinets, and new appliances.
Hampton Terrace lies near the intersection of Hillsborough and US-41 in the core of the Seminole Heights neighborhood. Residents enjoy living in direct proximity to some of the top restaurants and craft breweries in the region including award-winning establishments such as The Refinery, Rooster & the Till and Ichicoro Ramen as well as a short commute to Tampa’s largest employment centers, universities, hospitals, concert and sporting venues, shopping, nightlife, and entertainment.
Hampton Terrace is conveniently located within 4-miles of 22 million square feet of office space allowing tenants a short and easy commute to and from the office. Major points of interest in close proximity to the property include I-275 (0.20 miles), I-4 (2.20 miles), Downtown Tampa (3 miles), University of South Florida (4.29 miles) and Tampa International Airport (4.75 miles).
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.