ST. PETERSBURG, FLA., January 10, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Kenwood Apartments, a 18-unit multifamily complex located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $497,500.
Michael Donaldson and Nicholas Meoli, senior associates and Jason Hague, associate, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a limited liability company. The listing agents also procured the buyer of the property, a limited liability company, based in Tampa.
Kenwood Apartments were built in 1964 are located at 3433 3rd Avenue South in St. Petersburg, Fla. The property consists of two, two-story buildings situated on .34 acres of land. The buildings are comprised of one- and two bedroom units. One half of the units are equipped with central heat and air-conditioning, while the other half has individual wall units. Amenities include an onsite laundry facility. The property was 50 percent occupied at the time of close and the buyer received seller financing.
“By highlighting the value add aspect of this transaction, we were able to generate significant interest and five offers over the marketing period, ultimately allowing us to close less than thirty days from the executed contract date,” says Hague in a statement.
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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.