The Oaks at Bayshore Trades Hands in South Tampa
Published on: Sunday, December 13th, 2015
The Oaks at Bayshore, a 48-unit apartment building in the South Tampa submarket was sold recently in a transaction mediated by Marcus & Millichap.
Tampa, Fla.—The Oaks at Bayshore, a 48-unit apartment building located in South Tampa was sold recently for $5.5 million. Regional Manager Richard D. Matricaria of Marcus & Millichap’s Tampa office announced the sale.
The property is located on a 1.87 acre parcel on Bayshore Blvd., 0.6 miles south of Gandy Blvd. at the corner of Interbay Blvd. It consists of a two-story multifamily building with 33,600 rentable square feet. The units comprise one-bedroom, one-bathroom apartments of around 600 square feet, as well as two-bedroom, one-bathroom units of approximately 800 square feet. The interiors feature condo-grade finishes such as new appliances and cabinets with granite countertops.
Associate Cameron Barbas, First Vice President Investments Michael P. Regan and Vice President Investments Francesco P. Carriera of Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, an unnamed private investor. The buyer, a limited liability company, was secured and represented by the same team. “The condominium grade interiors of the Oaks at Bayshore are achieving $1,050 for their two-bedroom units and $825 for their one-bedroom units,” Barbas said. “Owners are achieving these higher rents due to the close proximity to Bayshore Blvd., the Lee Roy Selmon Crosstown Expressway, Gandy Bridge and Dale Mabry Highway, which all provide residents with the ability to access all of the major business hubs in the Tampa Bay MSA.”