TAMPA, Fla., February 6, 2020 – 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 Sanctuary Lofts, a 36-unit apartment property located in Tampa, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $5,000,000.
Ned Roberts, CCIM, Casey Babb, CCIM, Luis Baez, CCIM, Shawn Rupp, Adam Podbelski and Jason Hague, 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 Ned Roberts, CCIM, Casey Babb, CCIM, Luis Baez, CCIM, Shawn Rupp, Adam Podbelski and Jason Hague.
“Sanctuary Lofts is an adaptive reuse of a historic church and is one of the coolest, most unique Multifamily properties in Tampa,” said Mr. Babb.
“This deal was a year-and-a-half in the making. Leveraging collaboration between two of Marcus & Millichap’s top Tampa teams we were able to source a buyer with the vision and capacity to take this complicated deal across the finish line,” Mr. Roberts added.
Sanctuary Lofts is located at 502 East Ross Avenue in Tampa, Fla. The property consists of a variety of unique floor plans. 32 units are single level, one-bedroom/one-bathroom floor plans ranging 702 to 1,232 rentable square feet. Four units are two-bedroom/two-bathroom units with a two-level loft layout ranging from 1,314 to 1,702 rentable square feet. Additionally, there is an office space available for lease or use as community business center. Each floor plan is unique and has been thoughtfully designed to maximize the usage and functionality of the space.
Originally built in 1910, expanded in 1923 and adapted to multifamily use in 2004, the church-turned-apartments is situated on an approximate 1.05-acre site and is comprised of one, three-story residential building. The property offers a unique rooftop patio with views of Downtown Tampa and a private courtyard. The unit interiors offer spacious floor plans featuring luxury finishes including black appliances, hardwood flooring, lofted ceilings, track lighting, 30-bottle wine coolers and in-unit washers/dryers. Select units feature stainless steel appliances, granite countertops and gorgeous stained-glass windows.
The property is located on East Ross Avenue, located within the Historic Tampa Heights district considered the First Suburb of Tampa. The area is experiencing resurgence with the expansion of the Tampa Riverwalk, renovation of Water Works Park, he recently opened and extremely popular Armature Works. The Heights project, a new 43-acre mixed-use development is currently under construction.
The Sanctuary Urban Loft Apartments is situated just west of main arterial Interstate 275, which boasts a daily traffic count of 226,000 vehicles per day. Interstate 4 (185,500 vehicles per day), a major east/west arterial connecting Tampa and Orlando, begins less than one half mile from the property. The prime location offers easy access to local points of interest including the Water Works Park (0.7 miles away), Tampa Riverwalk (0.9 miles away), Straz Center for the Performing Arts (1.3 miles away) and Downtown Tampa (1.2 miles away). Interstate 275 provides convenient connectivity to Tampa International Airport, and International Plaza, Tampa’s premier shopping mall. Also, within that area is the Westshore Business District, Tampa’s leading business district with 12.75 million square feet of office space where more than 4,000 businesses and 100,000 employees call home.