ST. PETERSBURG, Fla., March 19, 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 Fifth Avenue Apartments, a nine-unit apartment property located in St. Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $565,000.
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. The buyer, a private investor, was secured and represented by Joshua Teplitzky, Francesco P. Carriera and Michael P. Regan
Fifth Avenue Apartments is a nine-unit multifamily community located in the city of St. Petersburg, Florida. The recently renovated property consists of one, two-story building which is comprised of five studio units, two, one-bedroom/one-bath units and two, two-bedroom/one-bath units. Fifth Avenue Apartments is located at 6682 Fifth Avenue North in St. Petersburg, Florida.
“Fifth Avenue Apartments represents the sale of an entirely renovated asset in which we fielded ten offers throughout our marketing process. The property’s location directly across the street from St. Petersburg College and proximity to the beaches was an appealing part of the acquisition for the buyer. This was an all-cash transaction and closed in 40 days,” concluded Mr. Teplitzky.
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About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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