ST. PETERSBURG, FL, February 3, 2016 – 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 FRH Apartments, a 16-unit apartment property located in St. Petersburg, FL, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $730,000.
James Vestal, associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Joshua Teplitzky, senior associate, Francesco P. Carriera, vice president investments, and Michael P. Regan, first vice president investments, all in firm’s Tampa office.
The FRH Apartments are located on 11th Street North in the Historic Uptown Neighborhood of St. Petersburg, Florida. The property sits between 7th and 9th Avenues and is within walking distance to both Saint Anthony’s Hospital and downtown St. Petersburg, including dining and shopping option along Central Avenue, the prestigious Beach Drive and the historic waterfront. The 16-unit multifamily property consists of seven efficiencies; five, one-bedroom/one-bathroom apartments; one, one-bedroom/one-bath cottage; one, two-bedroom/two-bathroom cottage; one, two-bedroom/two-bathroom apartment and one, six-bedroom/two-bathroom single-family home. Amenities include a beautiful swimming pool, on-site parking and an on-site laundry facility.
“This acquisition reflects the strong growth in St. Petersburg apartments that are ideally located within walking distance to the downtown core,” says Vestal. “Rents have been rising exponentially in neighborhoods adjacent to downtown. The FRH apartments will continue to see a benefit from that trend.”
“The six-bedroom house added significant value to the transaction by reducing the buyer’s basis on the multifamily units. Even in an upward trending market there are still value-add opportunities like FRH Apartments,” adds Teplitzky.
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About Marcus & Millichap (NYSE: MMI)
With over 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