ST, PETERSBURG, Fla., August 13, 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 Bay Point Villas Apartments, a 136-unit multifamily community located in St. Petersburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $4,800,000 sales price equates to $35,294 per unit.
Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, and Evan P. Kristol and Still Hunter III, senior vice president investments in the firm’s Ft. Lauderdale office, represented both parties in the transaction.
Bay Point Villas Apartments were built in 1972 and are located at 2150 62nd Terrace South in St. Petersburg, Florida. The property consists of seven, two-story residential buildings and a one-story building that serves as the leasing office, clubhouse and laundry facility. The residential buildings are comprised of 76 one-bedroom/one-bathroom units, 30 two-bedroom/one-bathroom units and 30, two-bedroom/two-bathroom units. All units have central heating and air-conditioning and the buildings are situated on approximately an 8.64-acre parcel of land.
In 2014, the property received capital improvements which included a remodeled clubhouse and new brick pavers around the pool area. Amenities include an on-site laundry facility and management office, a clubhouse and a sparkling swimming pool.
“Bay Pointe Villas was a stabilized asset with room to raise rents through the continued improvement of unit interiors,” says Regan. “The Pinellas Pointe submarket seems to be on the rise with the renovation of Mariners Pointe and new, single-family homes being built in the market,” concludes Regan.
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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