Tampa Apartment Trades in 1031 Deal
- Apr 19, 2016
Tampa, Fla.—Westshore Gardens, a 14-unit multifamily property in Tampa, has traded hands for $1.2 million. Both the buyer and the seller are private investors, with the deal facilitated by the Tampa office of Marcus & Millichap.
Westshore Gardens is at 4201 West North A St., and is one of the few remaining Prohibition-era buildings left in Tampa’s Westshore Palms District. The property consists of one two-story residential building and is fully occupied.
The 14 two-bedroom/one-bathroom units measure 750 square feet to 900 square feet. Unit interiors have been upgraded with hardwood flooring, marble countertops, stainless steel appliances and new light fixtures. The building was also repainted recently, and the majority of the individual air-conditioning units were replaced.
Joshua Teplitzky, senior associate; Cameron Barbas, associate; Francesco P. Carriera, first vice president investments; and Michael P. Regan, first vice president investments had the listing to market the property on behalf of the seller. The buyer was secured and represented by Barbas, Teplitzky, Carriera and Regan as well.
“The buyer was a first-time multifamily investor out of New York and was in a 1031 exchange,” Barbas said. Between multiple offers for the property and the high demand for multifamily, the deal close in seven business days from execution of the purchase agreement, added Teplitzky.