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.
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