ST. PETERSBURG, Fla., January 16, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Palms, a 32-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 $1,150,000.
Casey Babb, a CCIM and associate vice president investments, and Luis Baez, senior associate in Marcus & Millichap’s Tampa office, represented the Tampa-based seller, a private investor. Babb and Baez also represented the buyer of the property, a private investment group based in Montreal, Canada.
The Palms is located at 2800 4th Street South in St. Petersburg, Fla. This is a Class “C”, fully stabilized, garden-style apartment community located in the Harbordale submarket. This 1960s concrete block constructed building consists of thirty-two units housed within a two-story building with a newly installed flat, built-up roof. The property was recently renovated in 2012 with exterior painting, updated landscaping and interior improvements. Units are a mix of 24 one-, and two-bedroom units. Community amenities include a laundry facility, covered parking and on-site maintenance.
“The marketplace continues to be favorable for both sellers and buyers,” says Baez. “The seller disposed of the property at 65 percent above purchase price in 2012 and the buyer capitalized on still historically low interest rates by acquiring a recently rehabbed, fully occupied asset with an immediate high return on investment.”
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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.