SEMINOLE, FL, November 28, 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 Seminole Village, a 56-unit apartment property located in Seminole, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $4,070,000.
“Seminole Village was part of a two-property portfolio in which the buyer assumed the current loan on the 56 units located in mid-Pinellas County,” says Josh Teplitzky, associate in the Marcus & Millichap’s Tampa office. “Both the buyer and the seller were based out of California, and the property appealed to the buyer due to the all two-bedroom composition as well as it being a 1980’s vintage asset. The buyer plans to raise the rents approximately $200 per floor plan due to the limited competition in Seminole.”
Teplitzky, along with Francesco P. Carriera and Michael P. Regan, both first vice president investments also in the firm’s Tampa office, had the exclusive listing to market the property the seller’s behalf and procured the buyer.
Seminole Village is a 56-unit multifamily community located at 7770 Starkey Road in Seminole, Florida. The property was constructed in 1984 and has four, two-story buildings on an approximately 3.48 acre parcel of land. The property consists entirely of two-bedroom/one-bathroom units with 950 to 1,120 rentable square feet. Amenities include ample on-site parking, on-site laundry facilities and central air-conditioning.
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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