DUNEDIN, FLA., March 18, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of James Street Apartments, a nine unit apartment community located in Dunedin, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $370,150.
Michael P. Regan and Francesco P. Carriera, vice president investments and James Vestal, investment specialist in Marcus & Millichap’s Tampa office, represented both the seller and the buyer, private investors based in Florida.
Built in 1959, James Street Apartments is located at 442 James Street in Dunedin, Florida. The property is located within walking distance of downtown Dunedin and is situated in a Class “A” rental market. James Street Apartments consists of three, one and two-story buildings situated on approximately a .56-acre parcel of land. All units have individual air-conditioning. Amenities include an on-site laundry facility and ample on-site parking.
“This transaction represents the waning supply of distressed assets on the market,” says Vestal. “As we head into a more normalized market, opportunities like this will become fewer and farther between and I think the buyers really recognized that.”
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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.