SAINT PETERSBURG, Fla., June 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 Waterside Village, a 102-unit apartment property located in Saint Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $7,800,000.
The buyer, a private investor based in Largo, FL, was secured and represented by Luis Baez, CCIM, Casey Babb, CCIM, and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office.
“The buyer, who had existing holdings in the submarket, was attracted to the size of the property and the upside potential which will be born out of a moderate repositioning of the unit interiors and common area amenities”, says Babb.
“The seller accepted the offer to purchase based on the strength of the buyer as well as the attractive deal terms which called for a 14-day due diligence period and a closing within 60 days with no financing contingency”, added Baez.
The Waterside Village community is in the city of Saint Petersburg, within Pinellas County, the most densely populated county in the state of Florida. It is near several major employers. The residents enjoy a number of local amenities along with beach access within a short drive. Waterside Village is located at 3600 49th 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 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