LARGO, Fla., September 6, 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 1460 East Bay Drive Apartments, a 9-unit apartment property located in Largo, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $845,000.
Sebastian Harris, 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 private investor. The buyer, a private investor, purchased the property as part of a 1031 exchange.
The buyer was attracted to the property because of its frontage on East Bay Drive and .3 Acres of undeveloped land on-site. “This is another example of the value-add opportunities investors are looking for,” said Mr. Roberts. “At $93,888 per unit, this ended up being the highest price per unit paid for a 60’s built multifamily community in Largo history, added Mr. Harris”
Built in 1968 of concrete block construction, 1460 East Bay Drive Apartments offers an attractive unit mix of two-bedroom/one-bath units. All units have tile flooring and updated cabinetry. The apartment community is within walking distance to Largo City Hall, the Largo Police Department Headquarters and a community recreation center.
1460 East Bay Drive Apartments are in Pinellas County – Florida’s most densely populated county in the state. Pinellas County has over 38,000 businesses with the top key sectors in health services, tourism, manufacturing and financial services. The Pinellas County area is known for its white sand beaches as well as being praised by Travel + Leisure Magazineas a foodie and arts scene.
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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