ST. PETERSBURG, FL, October 19, 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 Bayview Apartments, a 13-unit apartment property with a single family home located in St. Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $875,000.
Joshua Teplitzky, senior associate, Francesco P. Carriera and Michael P. Regan, both 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.
Bayview Apartments is a 13-unit apartment community with one, two-bedroom/one-bathroom single family home. The property is located just north of the heart of the rapidly developing downtown St. Petersburg at 442 30th Avenue North. The offering consists of five buildings, which are comprised of five studio units with 150 to 450 rentable square feet; four, one-bedroom/one-bathroom units with 450 to 540 rentable square feet; four, one-bedroom/one-and-one-half-bathroom units with 535 rentable square feet; and one, two-bedroom/one-bathroom house with 1,180 rentable square feet.
“Bayview Apartments is in a prime location just north of downtown St. Petersburg and adjacent to the Fresh Market off 4th Street,” says Teplitzky. “The property piqued the interest of several multifamily buyer types ranging from local, out-of-area and even developers. Through creating an auction environment and generating multiple offers we were able to sell the property at list price, which equated to over $130 per square foot.”
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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