SAINT PETERSBURG, Fla., February 2, 2018 – 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 Parker House, a 30-unit apartment property located in St. Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,250,000.
The buyer, a private investor, was secured and represented by Joshua Teplitzky, Michael P. Regan and Francesco P. Carriera, senior investment specialists in Marcus & Millichap’s Tampa office.
“This transaction represents the sale of a significant value-add property on the outskirts of downtown St. Petersburg. Parker House is one of the few mid-sized properties in the surrounding area which has yet to be renovated. The buyer saw an opportunity to change the existing property landscape and willcontinue the revitalization trend in the immediate area,” concluded Teplitzky.
Parker House is a 30-unit multifamily community built in 1973 of concrete-block. It consists of one three-story residential building and 26 one-bedroom/one-bath units with 650 rentable square feet and four two-bedroom/one-bath units with 750 rentable square feet. Parker House is located at 1501 16th Street North in St. Petersburg, Florida.
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