ST. PETERSBURG, Fla., July 13, 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 Bay Point Villas Apartments, a 136-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 $7,750,000.
Francesco P. Carriera and Michael P. Regan, both first vice president investments 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 Carriera and Regan.
Bay Point Villas Apartments, a 136-unit multifamily community, is located at 2150 62nd Terrace South in St. Petersburg, Florida. The property consists of seven, two-story residential buildings and a freestanding, one-story building that serves as the leasing office, clubhouse and fitness center. The residential buildings are comprised of 76 one-bedroom/one-bathroom units with 653 rentable square feet, 30 two-bedroom/one-bathroom units with 927 rentable square feet and 30 two-bedroom/two-bathroom units with 987 rentable square feet. Amenities include on-site laundry facilities, fitness center, business center, resident lounge with community kitchen and a sparkling swimming pool.
“The St. Petersburg real estate market remains strong,” says Regan. “Due to the low inventory but yet very high demand, investors are continuing to see the benefit of renovating assets which is demanding rental increases.”
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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