ST. PETERSBURG, Fla., Dec. 12,2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 16th Street North Apartments, 12-units located in St. Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $755,000.
Joshua Teplitzky, Francesco P. Carriera and Michael P. Regan, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor and supplied the buyer, also a private investor.
“Sixteenth Street Apartments represents a rare sale of a fully renovated apartment complex on the outskirts of Downtown St. Petersburg. Through generating multiple offers, we set a record price $166.30 per square foot in the submarket. During 2017, there has been a limited supply of fully renovated properties in the St. Petersburg market. The buyer saw this as an opportunity to add value through the management of the asset and to increase his economies of scale in the local market.,” says Teplitzky.
Built in 1955, 16th Street Apartments has a solid frame constructed of concrete-block. It consists of a one-story residential building which has eight studio-units, and four one-bedroom one-bath units. Sixteenth Street North Apartments is located at 1101 16th Street North in St. Petersburg, Florida.
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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