MIAMI—Divine Condos, a slightly fractured condo project in South Tampa, has changed hands. A private investor sold the distressed asset to another private investor for $1.475 million. That sale price equates to $56,731 per unit and $101 per square foot.

Casey Babb, a senior multifamily specialist at Marcus & Millichap's Tampa office, along with associate Luis Baez, had the exclusive listing to market the property on behalf of the local seller. A cooperating broker secured the buyer of the property.

“This sale represented a 35% premium to the 2011 sale price of $1.1 million which illustrates just how much the market has improved in two years,” says Babb. “During that time, rents have improved and interest rates have dropped, allowing investors to pay premium prices and still achieve double-digit returns.”

Built in 1983, Divine Condos is a class B+, garden-style condominium located at 6822 South Shamrock Drive in South Tampa. The community offers 28 total units, of which 26 condo rentals were offered for sale. All units are one-bedroom/one-bathroom housed in a single, two-story, concrete block building with a brick façade and pitched shingle roofs.

Between 2006 and 2007, the community underwent an $800,000 renovation to the exteriors and unit interiors. Nearly every element of the building is less than five years old. According to M&M, the property posts top-of-the-market rents.