APOLLO BEACH, FLA., March 1, 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 Pelican Apartments, a 16-unit waterfront apartment property located in Apollo Beach, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,137,500.
Casey Babb, CCIM and vice president investments, 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. The buyer, a private investor, was secured and represented by Luis Baez and Casey Babb.
Pelican Apartments consists of two, two-story buildings located at 1003 Apollo Beach Boulevard in Apollo Beach, Florida. The two buildings totaling 13,700-square feet sit on an approximately 0.63 acre parcel directly in front of a canal giving access to the Tampa Bay and the Gulf of Mexico. The unit mix consists of four, one-bedroom/one-bathroom units and 12 two-bedroom/one-bathroom units featuring central heat and air-conditioning, water and pool views, ceramic tile flooring and balconies. Community amenities include a swimming pool, two on-site laundry centers, lush tropical landscaping, waterfront living and off-street parking.
Pelican Apartments is located just off U.S. Highway 41 in Apollo Beach, a thriving waterfront community in Hillsborough County between Tampa and Bradenton. The building and expansion of the Amazon Fulfillment Center is located seven miles from the property with 2,000 current jobs and an additional 2,000 expected within the next couple of years.
“This transaction is further evidence of increased investor activity in tertiary submarkets in pursuit of higher yield opportunities,” says Baez. “Apollo Beach once considered a sleepy submarket of Tampa is now positioned for explosive growth as economic drivers are being developed in the area such as the Amazon Fulfillment Center, a recently opened major hospital and an outside mall in the beginning stages of development. The buyer, headquartered in the northeastern U.S., plans to improve the curb appeal, enhance the amenity package and renovated interiors with the goal of lifting rents to market.”
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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