SAINT PETERSBURG, Fla., April 23, 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 Caprice Apartments, an 18-unit apartment property located in Saint Petersburg, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $1,950,000.
Jason Hague, Adam Podbelski and Ned Roberts, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was also secured and represented by Jason Hague, Adam Podbelski and Ned Roberts, CCIM.
“Throughout the extensive marketing period we were able to attract substantial interest in the property through our national marketing campaign, ultimately bringing 12 offers to the table. We ended up closing with a local buyer who paid all cash and closed within 21 days of the executed contract. The property’s below average rents and excellent location with the downtown core make it a great value add play,” said Mr. Hague.
Caprice Apartments is located at 441 3rd Street South in Saint Petersburg, Fla. The property is located Downtown St. Petersburg, Florida and is within walking distance to Bayfront Health, All Children’s Hospital, University of South Florida-St. Petersburg Campus, Publix Supermarkets, as well as numerous restaurants, bars, museums and other attractions.
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.