ST. PETERSBURG, Fla., December 30, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Fountain Court Apartments, a 62-unit multifamily community located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,090,000.
Francesco “Frank” Carriera and Michael Regan, vice presidents investments and Joshua Teplitzky, investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor. The listing agents also procured the buyer of the property, a limited liability company based in Safety Harbor, Fla.
Fountain Court Apartments was built in 1968 and is located at 600 40th Street North in St. Petersburg, Fla. There are two, two-story buildings and two, three-story buildings consisting of one-, two- and three-bedroom floor plans. The property has undergone major renovations within the last two years which includes, new exterior paint, new roofs, updates to the pool, elevators, courtyard and the interiors of select units.
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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.