“Adding to the booming Florida commercial real estate market.”
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Coachman Club, a 72-unit apartment property located in Clearwater, FL, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $8,200,000. 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 based in Cleveland, Ohio. The buyer, a private investor out of New York, was also secured and represented by Babb and Baez. The property was built in 1986 and consists of 100 percent two-bedroom and two-bath units which have undergone substantial upgrades by two prior owners.
The occupancy at closing was 95.83 percent. Lead broker Casey Babb said, "The Coachman Club offering received nine offers from investors in South Florida, Texas, New York, Canada and a number from the Tampa Bay Clearwater metropolitan statistical area and the winning bidder put up a six-figure non-refundable deposit to secure the deal." Luis Baez added, "Buyers were attracted to the excellent location, the turn-key nature of the property, and upside potential available by rehabbing the remaining 22 percent of units that have original finishes and substantially below market rents."
About Marcus & Millichap (NYSE: MMI) With over 1,700 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 over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company 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