ST. PETERSBURG, FL, April 22, 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 Citrus Grove Apartments, an 84-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 $3,535,000.
The local buyer, a not-for-profit foundation, was secured and represented by Casey Babb, a CCIM and associate vice president investments in Marcus & Millichap’s Tampa office.
Citrus Grove Apartments is located at 731 15th Street South in St. Petersburg, FL. The property is situated on 3.16 acres of land featuring mature landscaping, a secure, concrete block perimeter wall, stand-alone leasing office, laundry facilities and playground area. Units are housed in seven, three-story concrete block apartment buildings with pitched single roofs. The property was built in 1971, rehabbed between 2012 and 2013 and consists of a mix of one, two, three and four-bedroom apartments, featuring semi-private breezeway entries, fully appointed kitchens with electric appliances and individual window unit air-conditioning units.
“Citrus Grove is a local real estate success story. It has gone from a blighted, dangerous property with depressing living conditions in 2011, through a HUD driven change of ownership and extensive rehab between 2012 and 2013, and now another change of ownership has placed it back into the hands of a local not-for-profit ownership as a clean, safe and vibrant community,” says Babb. “We are happy to have been involved in both sales and trust that the property is now under a much more capable owner/operator and in good hands for the long-term,” adds Babb.
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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