CLEARWATER, Fla., October 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 Sunset Point Portfolio, a 24-unit, 4-property, apartment Portfolio located in Clearwater, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $2,200,000. The property was sold within 23 days of going on-market and closed less than two weeks after going under contract.
Sebastian Harris, Adam Podbelski, Ned Roberts, CCIM and Jason Hague, Multi-Family 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 Sebastian Harris, Adam Podbelski, Ned Roberts, CCIM and Jason Hague.
“This sale represents the continued high level of interest investors have in the Central Pinellas Market. The buyers specialize in adding value through improved management and have a presence in the area, so the properties were a natural fit. The sellers were motivated by the aggressive terms and an extremely quick closing timeline we negotiated on their behalf,” said Mr. Harris.
Sunset Point Portfolio includes Alpine Road Apartments, located at 2035 & 2045 Alpine Road and Spring Lane Apartments, located at 1426 & 1428 Spring Lane in Clearwater, Fla. All of the communities are within walking distance of each other at 0.6 miles apart. All communities are constructed of concrete block and feature an attractive unit mix of 100% two-bedroom units.
Sunset Point Portfolio is located less than 1.5 miles from Clearwater’s Waterfront Edgewater Park, less than 2.3 miles from Downtown Dunedin and less than 2.3 miles from Clearwater Beach, TripAdvisor’s #1 Beach in America.
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.