WEST COAST: Two-Property Multifamily Portfolio Fetches $21 Million

WEST COAST: Two-Property Multifamily Portfolio Fetches $21 Million

Casey BabbMarcus & Millichap announced the sale of a two-property apartment portfolio in the Tampa Bay Area – Royal Breeze Apartments and Lenox Place Apartments.

Royal Breeze Apartments, which has 200 units, sold for $13.9 million, or $69,500 per unit and 168-unit Lenox Place Apartments brought $7.1 million, which equates to $42,261 per unit.

Casey Babb, CCIM, vice president investments, Luis Baez, senior associate, and Moe Derbala, associate director of Marcus & Millichap’s National Retail Group, all in Marcus & Millichap’s Tampa office, represented the seller, Tampa-based Hachem Investments. The buyer, Montreal-based Groupe Mach Inc., represented themselves internally.

“These two 1970s-era communities are value-add opportunities for a new owner that is making its first investment in our market,” says Babb. “The upturn in the Tampa Bay Area economy is in its fifth year and the local apartment market continues to be well positioned for growth.”

Built in 1973 on 12.6 acres at 21227 U.S. Highway 19 North in Clearwater, Royal Breeze Apartments is three-tenths of a mile north of Gulf-to-Bay Boulevard, State Route 60. The property consists of 25 two-story concrete block residential buildings with vinyl siding and pitched roofs. The unit mix features 74 percent two-bedroom/two-bath units and three-bedroom/two-bath apartments.

Lenox Place Apartments was constructed in 1970 on 5.2 acres at 11311 North 22nd St. in Tampa, one block south of Fowler Avenue and 1.3 miles north of Busch Boulevard, two of Tampa’s primary east-west thoroughfares. The property is composed of two three-story concrete block residential buildings with built-up flat roofs, 35-foot atrium lobby entrances, interior corridors and elevator service.

 

 

 

 

 

 

 

 

 

 

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