SAINT PETERSBURG, Fla., April 11, 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 9th Avenue Apartments, a 10-unit apartment property located in Saint Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $700,000.
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.
“9th Avenue Apartments represents the sale of multifamily community built in the early 1900’s. Despite the vintage, we commanded seven offers due to the asset’s prime location several blocks from Fourth Street near a thriving downtown St. Petersburg. The buyer plans to set forth an immediate renovation plan capturing at least $130 per unit in rental premiums through interior remodeling,” concluded Teplitzky.
9th Avenue Apartments is located at 807 9th Avenue North in Saint Petersburg, Florida.
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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