SAINT PETERSBURG, Fla., February 15, 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 Park Lane Apartments, a 17-unit apartment property located in Saint Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,600,000.
Joshua Teplitzky, Michael P. Regan, Francesco P. Carriera, and Benjamin Skinner, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a local private investor. The buyer, a private investor out of California, was secured and represented by Michael P. Regan, Francesco P. Carriera, Joshua Teplitzky and Benjamin Skinner.
“Park Lane was positioned well as investors are increasingly shifting their focus to value-add opportunities in prime locations. That market dynamic, paired with the low inventory in the old northeast market, allowed our marketing team to generate multiple competitive offers from both local and out of area investors,” says Mr. Skinner. “The property had almost all of the tenants on month to month leases which led to an increase in buyer demand due to the immediate flexibility in the business plan. This paired with the irreplaceable location of the real estate allowed us to achieve a record-breaking 4.04 percent capitalization rate on in place numbers,” concluded Mr. Teplitzky.
Built in 1970, Park Lane Apartments is located in a highly desirable location immediately outside of downtown Saint Petersburg offering its resident superior walkability to retail and dining nightlife. The subject property is located at 725 Second Street North, Saint 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