SAINT PETERSBURG, FL, April 18, 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 Wallysburg Apartments, a 24-unit apartment property located in Saint Petersburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,750,000.
Jason Hague, associate, Nicholas Meoli, vice president investments, Michael Donaldson, vice president investments, all 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 government agency, was secured and represented by Jason Hague, Nicholas Meoli and Michael Donaldson.
Wallysburg Apartments is a 24-unit multifamily apartment community located at 5006 1st Street North in Saint Petersburg, Florida. The property was constructed in 1974, and consists of three, two-story buildings that sits on .87 acres of land. The building is comprised of ten, one-bedroom/one-bathroom units which range in size from 600 to 675 rentable square feet; five, one-bedroom/one-bath units with a den which are approximately 675 rentable square feet and nine, two-bedroom/one-bathroom units which are approximately 775 rentable square feet. The property is situated just minutes from two major thoroughfares, U.S. 19 and Interstate 275. It is also just three miles north of downtown St. Petersburg, one of the fastest growing and most sought after metropolitan areas in Florida.
“Through our national and international marketing campaign we generated six offers in less than sixty days including three within five percent of the asking price,” says Hague. “The property is very well located just minutes from downtown St. Petersburg and is surrounded by a multitude of employment centers. Despite several challenges with the property’s current condition, we were able to solidify a buyer that closed on a cash basis within the contract timeframes.”
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing 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 8,700 transactions in 2015 with a value of approximately $37.8 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