CLEARWATER, FLA., September 29, 2015 – 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 Prospect Towers Apartments, a 208-unit multifamily building located in Clearwater, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $8,000,000.
Michael P. Regan and Francesco P. Carriera, both vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller. The buyer was secured and represented by Francesco P. Carriera and Michael P. Regan.
Prospect Towers Apartments is an iconic, 17-story, high-rise tower located in the heart of Clearwater at 801 Chestnut Street, and is just a half mile walk to the Intracoastal Waterway. Currently the property is operated as an affordable, age-restricted community in which residents must exceed the age of 62 years, but it has the potential to lease at market rate as a conventional multifamily property. The property consists of one, 17-story residential building as well as an additional one-story building which serves as the maintenance shop. The residential building is comprised of 96 efficiency units ranging from 384 to 411 rentable square feet and 112 one-bedroom/one-bathroom units with 530 rentable square feet.
“This was a great opportunity to represent a client who had owned the property since inception. The seller, a non-profit organization, has plans to redeploy the monies into other senior programs within the community,” says Carriera. “The buyer plans to keep the property as a 55 years and older community and make improvements to provide clients a quality place to live.”
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About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 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 7,600 transactions in 2014 with a value of approximately $33.1 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