SAINT PETERSBURG, 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 bulk sale of 26 units at Siena Downtown Condominiums, a 50-unit condominium community located in Saint Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The assets sold for $2,950,000.
Ned Roberts, Michael Donaldson and Nicholas Meoli, 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. They also secured and represented the buyer, a private investor.
“This deal presented several challenges – not only was it a fractured condominium community, but we also had to sell the ownership entity, rather than fee-simple interest in the individual units. Following a far-reaching marketing campaign, we identified a buyer open to the acquisition requirements who paid cash and closed in less than 50 days,” says Roberts.
Siena Downtown Condominiums is located in the highly sought-after Old Northeast neighborhood, bordering downtown Saint Petersburg, Florida. The community is located steps from beautiful Tampa Bay waterfront and the dynamic downtown Saint Petersburg core. Siena Downtown offers immediate upside available by more than $200 per month per unit via increasing rents to market rates. The asset offers a variety of exit strategies, including individual unit sales. Siena Downtown is located at 555 Third Street North in Saint Petersburg, Florida.
# # #
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