SAINT PETERSBURG, FLORIDA, April 18, 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 Liv at Villa Serena, a 9-unit apartment property located in Saint Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,275,000. Shawn Rupp and Casey Babb, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.
“Our team worked with the seller in an advisory capacity to plan strategic unit upgrades throughout his hold period to help increase cash flows and maximize the property’s resale potential. We created a market around the asset after just three weeks generating three offers, two above list and one within one percent of list price with compressed due diligence timeframes.” says Shawn Rupp, Associate in Marcus & Millichap’s Tampa office.
Liv at Villa Serena is located at 336 8th Avenue Northeast in Saint Petersburg, Florida. The property consists of a single, three-story building on an oversized, corner lot which is built with masonry construction on an elevated pier foundation with a flat, built-up wood truss roof system (replaced in 2012). The building houses eight, large one-bedroom/one-bath units and one studio apartment as well as an on-site laundry, resident storage units, a utility room and building maintenance storage area. The units are roughly 400, 725 and 900 square feet, respectively, and feature secure, semi-private access, hardwood and ceramic tile flooring throughout, fully appointed kitchens and baths, newer cabinetry with raised panel doors, tiled countertops, ten foot ceilings, oversized closets, in-unit washer/dryers (select units) and new fan packages, lighting fixtures and window treatments. Residents enjoy community amenities such as bike storage, common area laundry facilities and a shaded outdoor lounge with brick paved patio deck, barbecue grilling stations with outdoor lounge furniture under a new wood pergola.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 9,000 transactions in 2016 with a value of approximately $42.3 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