PINELLAS PARK, Fla., January 10, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Judy Ann Apartments, a 20-unit apartment property located in Pinellas Park, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,100,000.
Michael Donaldson and Nicholas Meoli, senior associates in the Tampa, Fla. office of Marcus & Millichap, had the exclusive listing to market the property on behalf of the local seller, a limited liability company. The buyer, a private investor from Bradenton, was secured and represented by Donaldson, Meoli and Earle Hyman, a senior vice president investments in Marcus & Millichap’s Encino office.
Judy Ann Apartments is situated on approximately 2.51 acres of land and is located at 5501 70th Avenue North in Pinellas Park, Fla. The property was built in 1983 and consists of seven, one-story buildings comprised of 20, two-bedroom/one-bathroom units. Common area amenities include an onsite laundry facility and ample onsite parking.
“The apartment market is continuing to grow stronger and national investors are targeting the Tampa Bay area,” says Meoli. “The investment community is foreseeing positive rental growth in 2014 which is driving demand and compressing cap rates for infill locations throughout the west coast of Florida,” adds 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.