May 18, 2020
CBRE has arranged the $6.5 million sale of The Place Apartments at Davis Islands, a 40-unit multifamily property in Tampa. Michael Regan, Francesco Carriera, Cameron Barbas and Matthew Valeri of CBRE represented both the seller, Kip and Jamie Kula, and the undisclosed buyer in the transaction.
Located in the upscale Davis Islands neighborhood, the community features concrete block construction and is two miles from downtown Tampa.
“CBRE was hired to assist in the disposition of the asset after ownership had attempted marketing the property for over a year,” said CBRE’s Regan. “The asset had several hurdles, including a loan that had to be assumed and the simultaneous sale of the land lease, which was owned by a different seller. Our ability to reach an extensive buyer pool through the global CBRE platform, and strategically execute a plan to accommodate the challenges, allowed us to generate several offers and ultimately close with the highest bidder at a 5.4% cap rate.”
For comments, questions or concerns, please contact David Cohen