LARGO, Fla., Feb. 22, 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 Sunpointe Place, a 140-unit apartment property located in Largo, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $13,400,000.
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 limited liability company.The buyer, a limited liability company, was secured and represented by Francesco P. Carriera and Michael P. Regan.
“Sunpointe Place was extensively renovated over the past few years and reached stabilization in just the last 90 days. The sale of this asset, at $173 per rentable square foot, signifies continued investor demand for well-located multifamily investments despite increased interest rates,” says Mr. Carriera.
Built in 1986, Sunpointe Place was renovated between 2016 and 2017 and is located at 701 East Bay Drive in Largo, 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