Apartments sell near Florida university

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Marcus & Millichap arranged the sale of the 240-unit Terrace Pointe Apartments in Tampa, Fla. The value of the transaction was $10.6 million. A Miami-based private investor sold the property to a Manhattan Beach, Calif.-based private investor. Terrace Point Apartments is located at 11305 N. 51st St. near University Square Mall and the University of South Florida. The sale includes 183,189 rentable square feet on approximately 5.4 acres. The community was constructed with a contemporary design in three phases, each with its own swimming pool, between 1983 and 1986. The unit mix includes 128 one-bedroom, 100 two-bedroom and 12 three-bedroom apartments, ranging in size from 600 to 1,300 square feet. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....