ST. PETERSBURG, FLA., December 9, 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 The Colton Apartments, a 17-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 $1,200,000.
Joshua Teplitzky, associate, Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office represented both parties in this transaction.
The Colton Apartments are located at 249 4th Avenue North in St. Petersburg, Fla. and within walking distance to Vinoy Park and the St. Petersburg Pier. The property consists of a three-story building with five studio units, nine, one-bedroom/one-bathroom units and three, two-bedroom/one-bathroom units. Amenities include an on-site laundry facility. The interiors of the units have been upgraded with hardwood flooring and ceramic tile in the kitchens and bathrooms.
“This asset was extremely well located in the heart of downtown St. Petersburg,” says Teplitzky. “We drove eleven offers throughout the marketing period and closed within the timeframe stated in the contract. This property received a great deal of interest due to the ongoing developments in downtown and expanding local St. Petersburg economy,” adds Teplitzky.
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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