Marcus & Millichap Announces Sale of Divine Condos in Tampa, Fla. For $1.475 Million

Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Divine Condos, a slightly fractured, 26 of 28-unit rental condominium community located in South Tampa, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.  The asset commanded a sales price of $1,475,000 which translates to $56,731 per unit and $101 per square foot.

Casey Babb, a CCIM and senior multifamily specialist, and Luis Baez, associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor.  A cooperating broker secured the buyer of the property, also a private investor located in Tampa, Florida.

Divine Condos is a charming “Class B+”, garden-style condominium, built in 1983 and located at 6822 South Shamrock Drive in South Tampa.  The community consists of 28 total units, of which 26 condo rentals were offered for sale.  Units are 100 percent one-bedroom/one-bathroom housed in a single, two-story, concrete block building with a brick façade and pitched shingle roofs.

Between 2006 and 2007, the community received a massive renovation to the exteriors and unit interiors at a cost of nearly $800,000.  Nearly every element of the building is less than five years of age and the property benefits today with a consistently high occupancy level and top-of-the-market rents.

“This sale represented a 35 percent premium to the 2011 sale price of $1.1 million which illustrates just how much the market has improved in two years,” says Babb.  “During that time, rents have improved and interest rates have dropped, allowing investors to pay premium prices and still achieve double-digit returns.”

With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.

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