ST. PETERSBURG, FLA., October 21, 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 Liv @ Villa Serena Apartments, a nine-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 $885,000.
Ari Ravi, associate, and Casey Babb, a CCIM and vice president investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Liv @ Villa Serena Apartments is a Class “B” apartment building located on Beach Drive in St. Petersburg’s historic ‘Old Northeast’ submarket. The property consists of a single, three-story building on an oversized corner lot, built with masonry construction on an elevated pier foundation with a flat, built-up wood truss roof system, which was replaced in 2012. The building consists of eight large one-bedroom/one-bath units and a studio apartment, as well as an on-site laundry facility, resident storage units, a utility room and a building maintenance storage area.
Community amenities include bike storage, common area laundry facilities, a shaded outdoor lounge with a brick paved patio deck, barbecue grilling stations and outdoor lounge furniture under a new wood pergola.
“Liv @ Villa Serena received a lot of attention from investors due to the ‘Class A’ location in the Old Northeast area of St. Petersburg, and we conducted no less than 20 property tours during the marketing campaign,” says Babb. “The buyer comes from Los Angeles, California and was attracted to the downtown St. Petersburg area as a whole, as well as the upside potential and in-place yields at the property relative to those in California, which are much lower,” concludes 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