Belleair Landings Sells for $2.17 Million in Clearwater, Florida
CLEARWATER, FL, March 1, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Belleair Landings, a 44-unit apartment property located in Clearwater, FL, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,170,000.
Ned Roberts, associate, Michael Donaldson, first vice president investments, and Nicholas Meoli, first vice president investments, all in Marcus & Millichap’s Tampa office, represented the seller and procured the buyer.
“We sold the asset at 99 percent of our asking price to a new-to-the-market buyer we sourced from New York,” says Donaldson.
“The sale is a great indication of continued strong demand for Tampa Bay area multifamily assets on the part of out-of-state investors seeking comparatively higher returns,” adds Roberts.
Belleair Landings is a 44-unit apartment community located at 1111 Pinellas Street in Clearwater, Florida. The property, which was 95 percent occupied at the time of sale, is in Pinellas County, the most densely populated county in Florida. All of the units have been recently remodeled with tile flooring and upgraded kitchens and bathrooms. There are two single-story buildings with a total of eight studio units with 350 rentable square feet and 13 one-bedroom/one-bathroom units with 400 rentable square feet. Additionally, there are twelve single-story duplex-style buildings, with a total of 22 two-bedroom/one-bathroom units with 750 rentable square feet and one three-bedroom/one-bathroom unit with 750 rentable square feet.
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com