CLEARWATER, FLA., August 7, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Paradise Trail, a 13-unit apartment community located in Clearwater, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $575,000.
Michael Donaldson, senior multifamily associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer was represented by Mark Schmitz of Excel Realty of Pinellas County, Inc.
Paradise Trail is located at 1111 Cardova Lane in Clearwater, Florida. This two-story apartment community was built in 1972 of concrete block construction and is situated on just over 0.175 acres of land. The unit mix consists of one and two-bedroom units. Several units have views of the intracoastal which is located one quarter of a mile away from the property.
“The sale of Paradise Trail was another example of a multifamily short sale being sold at market pricing,” said Donaldson in a statement. “With so few distressed apartment assets being available on market any more, we are continuing to see bank-owned and short sale properties selling at, or very close to, typical market pricing due to substantial demand from investors.”
“Paradise Trail was purchased by a non-profit and obtained an excellent price per unit for the Clearwater submarket,” concludes Donaldson.
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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 6,149 transactions in 2012, 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.