CLEARWATER, Fla., August 8, 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 The Park at Glen Oaks, a 46-unit apartment property located in Clearwater, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,735,000.
Shawn Rupp, Casey Babb, CCIM and Luis Baez, CCIM, 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 Shawn Rupp, Casey Babb, CCIM and Luis Baez, CCIM, investment specialists in Marcus & Millichap’s Tampa office.
“This is a best-in-class property that has received complete interior and exterior renovations within the last 36 months. The seller, a billionaire couple out of California, was looking to exit real estate completely. The buyer is a 3rd generation real estate investor and property manager who plans to make major upgrades to the tenant base and rents over the next 18 months of ownership,” stated Mr. Rupp.
The Park at Glen Oaks is a newly repositioned, 46-unit, 1970s vintage, Class B+, garden apartment community located in Clearwater, Fla. Originally constructed in 1970, interior renovations have been completed in 43 units including railing replacement, laundry facility upgrade, mail center upgrades, renovation of the on-site leasing office, exterior paint, unit electrical panel replacement, landscaping, bike racks, parking lots, curb concrete work and exterior stonework.
The Park at Glen Oaks is a short bike ride to Downtown Clearwater and less than a 30-minute commute to Tampa’s top employment center, the Westshore Business District. The property is also equal distance to St. Petersburg with easy access to the major employers of the area. The Park at Glen Oaks is located at 311 South Betty Lane in Clearwater, Fla.
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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