CLEARWATER, FL, December 23, 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 Vineyard, a 12-unit apartment community located in Clearwater, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $650,000.
“The seller had done significant improvements to the property and had stabilized the asset after buying it out of foreclosure,” says Shawn Rupp, associate in Marcus & Millichap’s Tampa office. “Our marketing process generated a bidding war for the property, which ultimately resulted in a closing within four percent of listing price.”
Rupp, along with Casey Babb, CCIM and vice president investments, and Luis Baez, CCIM and senior associate, also in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller.
The Vineyard a 1960’s vintage apartment community located at 1015 Vine Avenue in Clearwater, Florida. The property consists of twelve, two-bedroom/one-bathroom apartments averaging approximately 576 square feet and featuring private entrances, granite countertops, new cabinets and new tile floors. The units are housed in six, one-story, garden-style apartment buildings.
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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