ST PETERSBURG, Fla., August 1, 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 Essex Court, a 18-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 $875,000.
Michael Donaldson, vice president investments and Nicholas Meoli, senior associate in Marcus & Millichap’s Tampa office, represented the seller, a local private investor. The buyer was procured by Earle Hyman, a senior vice president investments in the firm’s Encino office and Donaldson and Meoli in the Tampa office.
Essex Court was built in 1972 and is located at 5800 37th Avenue North in St Petersburg, Fla.
“This transaction illustrates the continued national demand for well-located multifamily investments in the Tampa Bay area,” says Meoli. “The Essex Court acquisition allowed the buyer to increase their footprint in the St. Petersburg submarket and ultimately improve operations through economies of scale,” concludes Donaldson.
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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