ST. PETERSBURG, FL, April 14, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 50th Avenue Apartments, a 12-unit apartment property located in St. Petersburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $415,000.
Ari Ravi, investment specialist, Casey Babb, a 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 local seller, an individual. The listing agents also procured the buyer of the property, a private investor based in Tampa.
50th Avenue Apartments are located at 2595 50th Avenue North in St. Petersburg, Florida. This Class “C”, fully stabilized, garden-style apartment community is centrally located in St. Petersburg and consists of 11 one-bedroom/one-bathroom units and one, three-bedroom/one bathroom unit. The property was built in the 1950s and recently renovated in 2013 with roof work, exterior painting, newly paved driveways and interior improvements. Community amenities include a laundry facility and off-street parking.
“This particular asset was stabilized and yields a high return which was very appealing to the buyer,” says Ravi. “The buyer paid all cash and the transaction closed in just over 30 days.”
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com