ST PETE BEACH, Fla., April 17, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Blue Skies Apartments, a 9-unit apartment property located in St. Pete Beach, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $1,300,000.
Nataliia Musick, Casey Babb, CCIM, Luis Baez, CCIM, and Shawn Rupp, 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 also secured and represented by Nataliia Musick, Casey Babb, CCIM, Luis Baez, CCIM, and Shawn Rupp.
“Even though the property has upscale amenities and units have higher-end condo-grade finishes, rents were below market average at the time of the sale. The buyer felt that would make for a great value add play and was able to close on the full list offer in less than 90 days,” said Musick.
Blue Skies Apartments is located at 521 68th Avenue in the high barrier to entry market of St. Pete Beach, an area with strong rental demand for long-term apartments as well as seasonal and vacation rentals. Voted TripAdvisor’s No. 7 Beach in the U.S. in 2018, St Pete Beach is located within the Gulf Boulevard commercial corridor and only minutes away from major demand drivers and points of interest.
The property consists of two buildings, a free-standing frame cottage (352 approximately square feet) and a concrete block two-story building made up of eight one-bedroom units (520 approximately square feet each) with first-floor units featuring large patios with privacy fencing. The property received a complete condo-grade renovation in 2007 which included new tile floors, granite counter tops, European-style fixtures, ceiling fans in the living rooms, crown molding and instant hot water heaters. Tenants enjoy amenities such as a swimming pool, private parking, brick pavers, courtyard-like setting, lush tropical landscaping, and walking distance to the beach, dining and entertainment.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.