INDIAN SHORES, Fla., June 13, 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 El Mar Apartments, a ten-unit apartment property located in Indian Shores, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,350,000.
Francesco P. Carriera, Michael P. Regan, Joshua Teplitzky, Cameron S. Barbas, Benjamin Skinner, 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 Ned Roberts, Nicholas Meoli and Michael Donaldson, investment specialists in Marcus & Millichap’s Tampa office.
“Through the premier location of El Mar Apartments and the collaborative environment of the Marcus & Millichap office, we were able to drive numerous offers to this asset, ensuring the seller’s goals were achieved. Following the successful increase of rental rates and completion of a renovation plan, the sellers are looking forward to implementing the same strategy into their next acquisition,” says Skinner.
“This acquisition represented an ideal opportunity for the buyer to build on his portfolio of successful beach rentals,” added Roberts.
El Mar Apartments is a two-minute walk from the 7th Street Public Beach Access, allowing residents and the owner to enjoy beach lifestyle. Located just one minute from the property is Walsingham Road, a major east/west artery with direct access to services and retailers such as Starbucks, Chipotle, multiple Publix Super Markets, Target, and many more. The Property is directly twelve minutes south of Clearwater Beach, which was recently named the best beach in the U.S. for 2018 by TripAdvisor.
The primary driver of the local economy is the Gateway Business District, which twenty minutes to the east. Acting as a hub for financial services, technology, manufacturing, and medical services, Gateway employs over 94,000 individuals and is home to more than 2,700 companies. El Mar Apartments is located at 701 First Street in Indian Shores, 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 over 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