ST. PETERSBURG, FLA., November 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 Colony 900 Apartments, a 20-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 $975,000.
Joshua Teplitzky, investment associate, Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Colony 900 Apartments was built in 1974 and is located at 900 70th Street North in St. Petersburg, Florida. This two-story building is comprised of a mix of one and two-bedroom units. Amenities include central heat and air-conditioning in all units, and an on-site laundry facility. The building was repainted within the past year.
“This asset commanded a lot of interest as it was owned in a trust and not previously marketed before,” says Teplitzky. “We drove seven offers in the first month-and-a-half of marketing and closed earlier than the timeframe stated in the contract,” adds Teplitzky. “The buyer pool saw this as a value add opportunity through renovating the unit interiors, as the rents were $100 on average below the market across the floor plans.”
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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