ST. PETERSBURG, Fla., December 4, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Treasure Bay, an eight-unit apartment property located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $252,500.
Casey Babb, a CCIM and senior multifamily specialist and Ari Ravi, associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller and the buyer, local private investors based in Florida.
Treasure Bay is located at 649 7th Avenue North in St. Petersburg, Fla. This two-story, eight unit, multifamily property is located in Pinellas County, just north of downtown St. Petersburg. Built in 1950 of concrete block construction, the community sits near Mirror Lake Park and is a quick walk to 4th Street North, which is the primary retail and commercial corridor in St. Petersburg.
Units consist of seven studio apartments on the ground floor and a single three-bedroom, one bath unit on the second floor.
“The seller of Treasure Bay had a business opportunity and needed to access his equity in the property very quickly,” says Ravi. “We were able to deliver for him with an all-cash purchaser who did a five-day due diligence and closed five days later. Right now, there are approximately five to 10 times more buyers than sellers, which provides for a healthy marketplace with good liquidity for sellers,” adds Ravi.
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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.