ST. PETERSBURG, Fla., Dec. 22, 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 The Courtyards of Beach Drive, a 33-unit apartment property located in St. Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,195,000.
Casey Babb, Luis Baez and Shawn Rupp, 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 secured the buyer, also a private investor. “The portfolio commanded six written offers in just three weeks from our targeted marketing campaign, ultimately resulting in a successful transaction at over 96 percent of list price. The array of offers our team generated ranged from local Tampa Bay MSA owners to qualified buyers across the country and ultimately sold to a sophisticated syndication group based out of Boston, Massachusetts. Hurricanes Harvey and Irma created significant obstacles for our team to overcome during and after the due diligence period. This deal is a great illustration of our team’s capacity to source capital from local and out of area markets and to get the deal past the finish line even in the wake of major catastrophic events,” says Mr. Rupp.
Courtyards of Beach Drive is a value-add portfolio in a Class A submarket of old northeast St. Petersburg. The property has a stable stream of income. It also, provides an investor access to one of Tampa Bay’s strongest submarkets with average rents well below market. A new operator can generate about $52,000 of passive income per year after strategic renovations. The property is located at 656 Beach Drive Northeast 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