ST. PETERSBURG, FL, June 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 Palms Apartments, a 32-unit multifamily community located in St. Petersburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,600,000.
Joshua Teplitzky, senior associate, Michael P. Regan, first vice president investments, and Francesco P. Carriera, first vice president investments, all 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 Joshua Teplitzky, Francesco P. Carriera and Michael P. Regan.
The Palms Apartments is centrally located in St. Petersburg at 2800 4th Street South within the South St. Petersburg submarket. The property consists of three, two-story buildings comprised of 24 one-bedroom/one-bathroom units with 625 rentable square feet, six, two-bedroom/one-bathroom units with 750 rentable square feet and two, three-bedroom/two-bathroom units with 1,170 rentable square feet. The Palms Apartments is located in Pinellas County, the most densely populated county in Florida, and is less than three miles east of U.S. Highway 19 and Interstate 275.
“This property represents one of the highest sales for mid-size multifamily in the south St. Petersburg submarket,” says Teplitzky. “The pricing we achieved on this asset equated to $50,000 per unit or approximately $73.26 per square foot for late 1960’s construction. The buyer saw this property as a great addition to their existing multifamily portfolio in the immediate market.”
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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