CLEARWATER, FLA., February 11, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 620 South Betty Lane Apartments, a 12-unit apartment community located in Clearwater, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $527,000.
Josh Teplitzky, investment specialist, Francesco “Frank” Carriera and Michael Regan, vice presidents investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company based out of South Africa. The listing agents also secured the buyer of the property, a local private investor.
This apartment community was built in 1965 and located at 620 and 622 South Betty Lane in Clearwater, Florida. The property consists of two, two-story buildings comprising one-, two- and three-bedroom units. Amenities include two on-site laundry facilities, screened-in porches with all units, carports, additional storage space and central heat and air-conditioning.
“We generated several offers within the first week-and-a-half of marketing,” says Teplitzky. “The two highest bidders owned other multifamily properties in the local market and were looking to build economies of scale with the acquisition.”
“Other notable terms of this transaction included the property which had original 1965 flat roofs and the buyer who paid all cash at closing,” 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.