Fredericksburg Apartments in Tampa Trade for $4.48M
Posted February 1, 2012
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The Fredericksburg Apartments, a 187-unit apartment complex located in Tampa, FL, have sold for $4.48 million.
Casey Babb, CCIM, a senior multifamily specialist in Marcus & Millichap's Tampa office, had the relationship with the seller, the original developer, as well as his approval to selectively market the property for sale.
The buyer, a limited liability company from Tampa, Florida, was secured and represented by Michael P. Regan, an associate vice president investments, Francesco P. Carriera, a senior associate and Nicholas Meoli, multifamily investment specialist also in the firm's Tampa office.
Fredericksburg Apartments was built in 1968 and is located at 13142 North 22nd Street.
"Fredericksburg was not actively on the market," said Babb. "The property is in need of a major rehab and the buyer was able to secure seller financing equal to 90 percent of the purchase price, in exchange for a written commitment to invest a minimum of $500,000 into the property within the first six months of ownership."
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