The successful sale of Tampa’s iconic high-end 58-unit apartment complex, The Mirasol, was recently achieved by California commercial real estate firm Marcus & Millichap for a total price of $10.4 million — averaging $180,000 per unit.
Built in 1925 as luxury hotel, the Mediterranean Revival-style Mirasol was converted to apartments in 1962. The seven-story structure features a marina, grand lobby and Mediterranean-style fixtures and finishes as well as a pool and other outdoor amenities.
“The Mirasol has been one of Davis Islands’ most elegant landmarks and Tampa Bay’s crowning property for more than 90 years,” Frank Carriera, first VP-investments in Marcus & Millichap’s Tampa office, said. “The asset is also well-positioned for long-term stability and growth as the Davis Islands neighborhood has the distinction of being one of the area’s most desirable places to live and the highest occupancy.”
Carriera, his fellow first VP-investments Michael Regan, and Michael Donaldson and Nicholas Meoli, both VP-investments, all in Tampa, represented the seller, and additionally procured the buyer, a local multifamily investor.
“With the collective efforts of the listing team, we generated an incredible amount of national and international exposure for this one-of-a-kind opportunity,” Meoli said.
Based in Calabasas, California, Marcus & Millichap was founded in 1971. It managed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company combines local marketing savvy with research, technology and strong investor relationships to provide commercial investment sales, financing, and consulting services.
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