ST. PETERSBURG, Fla., September 18, 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 Twin Brooks, a 39-unit apartment property located in St. Petersburg, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,475,000.
Ned Roberts, CCIM, Michael Donaldson and Nicholas Meoli, senior 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. The buyer, a limited liability company, was also secured and represented by Ned Roberts, CCIM, Michael Donaldson and Nicholas Meoli.
“We were able to leverage our team’s deep multifamily expertise and strong investor relationships to match an active out-of-area buyer with a seller looking to exit without a full-scale marketing campaign,” stated Ned Roberts, CCIM, Senior Investment Associate.
“Furthermore, we closed the deal within 61 days of contract execution and helped the buyer to secure Fannie Mae debt with a 4.86% interest rate, and three years interest-only and a 15-year term,” added Mr. Roberts.
Twin Brooks is a 39-unit multifamily community located in St. Petersburg, Fla. Built in 1971, the property is built of concrete block construction and an attractive unit mix of one- and two-bedroom units.
St. Petersburg is home to over 257,000 residents, which makes it the fifth largest city in Florida. The Twin Brooks property is centrally located within ten minutes of both Downtown St. Petersburg and world-renowned Gulf of Mexico beaches. Twin Brooks offers immediate access to USF St. Petersburg, Tropicana Field and the rest of downtown St. Petersburg’s world-class museums, retail shopping area, financial district and waterfront. Further, Downtown St. Petersburg also hosts an array of festivals and concerts year-round in dozens of parks and music venues. Twin Brooks is located at 4601 22nd Avenue South in St. Petersburg, 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