CLEARWATER, FL, March 17, 2017 – 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 New Towne at Glen Oaks, a 46-unit apartment community located in Clearwater, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,580,000.
“This was a best-in-class asset in a submarket that has seen tremendous growth in the last five years,” says Shawn Rupp, associate in Marcus & Millichap’s Tampa office. “The seller made first class interior and exterior improvements to the property a year prior leading up to the sale, which helped enable our team to attract a high net worth California buyer to purchase the asset with a strong current income day one.”
Rupp, along with Luis Baez, CCIM and senior associate, and Casey Babb, CCIM and first vice president investments, both in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller and procured the buyer.
New Towne at Glen Oaks, a 46-unit garden apartment community, is located at 311 South Betty Lane in Clearwater, Florida. The property sits just 1.3 miles from downtown Clearwater and 3.25 miles from Clearwater Beach. Over the last 12 months the property has received over $400,000 in renovations and upgrades to the exterior, unit interiors and amenity improvements. New Towne at Glen Oaks consists of 38 one-bedroom/one-bathroom units with approximately 570 square feet and eight two-bedroom/one-bathroom units with approximately 800 square feet.
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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