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IPA Capital Markets Secures $24.8 Million for Fractured Condo Purchase

RPH Multifamily Group brokered the $34.1 million sale.

TAMPA, Fla., March 25, 2019 – IPA Capital Markets, a division of Marcus & Millichap Capital Corporation, announced today the acquisition financing and sale of 260 apartments and 74 out of 108 condominium units in Lake Azzure, a 368-unit multifamily complex in Tampa, Florida. The 334 units sold for a total of $34.1 million. IPA Capital Markets arranged a $24,800,700 equity loan for the purchase.

“We overcame multiple historical operational concerns and delivered a full-leverage agency loan for this complicated fractured condominium asset,” said Eric Fixler, first vice president, IPA Capital Markets. The fixed-rate loan was secured for 10 years with five years interest-only on behalf of the purchaser, a family office.

The Marcus & Millichap brokerage sales team included Evan Kristol, executive managing director investments, Ned Roberts, CCIM, senior associate Jason Hague, senior associate, and Adam Podbelski, senior associate. The seller is a private real estate group based in New York.

Built in 1972 on more than 24 acres adjacent to a 16-acre lake, the 30-building property is one block from Dale Mabry Highway. Tampa International Airport, the Westshore Business District and Downtown Tampa are nearby.

Are you interested in selling or buying Florida multifamily housing?

At RPH Multifamily Group we strictly specialize in Florida multifamily sales, so that you can make the most successful, informed, and stress-free multifamily investment decisions. Learn more about the RPH Multifamily Group’s Florida Multifamily Sales Advisory And Brokerage Services.

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