REBusinessOnline

Marcus & Millichap Arranges $34.1M Sale of Tampa Multifamily Complex

Lake Azzure was built in 1972 and comprises 30 buildings spanning more than 24 acres.

TAMPA, FLA. — Marcus & Millichap has arranged the sale of 260 rental units and 78 of 108 condominiums at Lake Azzure in Tampa. A private real estate group based in New York City sold the 334 units for $34.1 million to a private family office. IPA Capital Markets, a division of Marcus & Millichap, arranged an equity loan totaling $24.8 million on behalf of the buyer. The 10-year, fixed-rate loan features five years of interest-only payments. Lake Azzure was built in 1972 and comprises 30 buildings spanning more than 24 acres. Evan Kristol, Ned Roberts, Jason Hague and Adam Podbelski of Marcus & Millichap represented the buyer in the transaction.

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