ST. PETERSBURG, FLA., November 9, 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 Prince Gregor Apartments, a 12-unit apartment property located in St. Petersburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $650,000.
Casey Babb, vice president investment, and Luis Baez, senior associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.
Prince Gregor Apartments is a landmark, 12-unit vintage apartment property located at 844 5th Avenue South in the thriving downtown area of St. Petersburg, Florida. The Prince Gregor was built in the late 1940s during St. Petersburg’s initial population explosion post-World War II by a German immigrant. The two-story, interior-corridor building was constructed in an art-deco architectural style and consists of 12-units which are a mix of studios, small and large one-bedrooms. Situated on approximately 0.25 acres just south of Interstate 175, the Prince Gregor is directly west of the All-Children’s and Bayfront Medical Hospital complexes and the USF St. Pete campus, two of the largest demand drivers in downtown St. Pete. Residents will enjoy walkability to jobs, direct bus access, private off-street parking, on-site laundry facility, a private courtyard and shuffleboard courts.
“The Prince Gregor received considerable interest from local and out-of-town investors due to the highly desirable location in St. Petersburg’s urban core,” says Baez. “Our marketing campaign generated 11 offers within a two week period and we were able to secure a contract shortly thereafter. The buyer ultimately awarded with the deal was from Canada, and is planning a comprehensive rehab in efforts of preserving the historical significance of the building.”
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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