ST. PETERSBURG, FLA., February 11, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Dunbar, a 12-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 $732,500.
Casey Babb, CCIM, and associate vice president investments, and Luis Baez, senior associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor based in Florida. The buyer, a private investor from California, was secured and represented by Joshua Teplitzky, an investment specialist, Francesco “Frank” Carriera and Michael Regan, both vice presidents investments, in the firm’s Tampa office.
The Dunbar is a 12-unit, value-add garden apartment community built in 1951 and located at 410 12th Avenue Northeast in St. Petersburg, Florida.
This 1950s vintage community consists of twelve units housed in two, two-story concrete block buildings with exterior breezeways and a single, flat built-up roof system. Residents enjoy semi-private entries, private off-street parking with six covered spaces, and an on-site laundry facility.
“We continue to see strong investor demand for well-positioned, value-add properties which are not located in flood zones,” says Baez and Teplitzky. “This transaction was met with six offers within one week, thanks in part to the power of our platform and our internal collaboration culture,” adds Baez. “We procured a California buyer with a 30-day close at a mid-five percent cap rate,” concludes Teplitzky.
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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.