Marcus & Millichap Arranges the Sale of a 54-Unit Apartment Building
CLEARWATER, FL, April 4, 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 El Camino, a 54-unit apartment property located in Clearwater, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $50,000 above the asking price of $3,425,000.
Casey Babb, CCIM and Luis Baez, CCIM investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a family partnership who had developed the property 45 years ago. The buyer, a private investor based in Miami, was also secured and represented by Casey Babb, CCIM and Luis Baez, CCIM.
“There is speculation out there that rising interest rates will slow transaction velocity in the near term and we agree with that assumption for the most part. This offering, however, checked a lot of boxes for investors with location, upside, price point, new roof and consequently we received 19 written offers after a three week marketing campaign. The top four bidders were all in 1031 exchanges and the prevailing Buyer went hard in 5 days and closed above the ask price 30 days later,” says Casey Babb, first vice president investments in Marcus & Millichap’s Tampa office.
El Camino is located at 1255 Jeffords Street in Clearwater, Florida. The property is a 54-unit, 1970’s vintage, garden apartment community located just off of Alternate 19 (South Missouri Avenue) just one mile southeast of downtown in Pinellas County. The community offers one-bedroom/one-bath, two-bedroom/one-bath and two-bedroom/two-bath apartment homes which average 885 square feet and are housed in three two-story, concrete block buildings with pitched shingle roofs spread over 2.1 acre site plan.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 9,000 transactions in 2016 with a value of approximately $42.3 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