SEMINOLE, Fla., March 10, 2020 – 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 Seminole Village Apartments, a 56-unit apartment property located inSeminole, Fla., according to Christopher W. Travis, regional manager of the firm’s Tampa office. The asset sold for $4,350,000.
Joshua Teplitzky, First Vice President Investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, an individual/personal trust, was also secured and represented by Joshua Teplitzky.
Seminole Village Apartments is located at 7770 Starkey Rd in Seminole, Fla.. “This transaction represents the sale of a significant value-add, well-constructed asset built in the 1980’s in Central Pinellas County. The Property had ten vacancies at the time of the sale and through the multiple bidding process I sourced a Buyer that closed all cash. Recent volatility in interest rates also led to an increase in the prepayment penalty on the debt held by a Life Insurance Company. Through the many potential transaction hurdles, I was able to facilitate the Seller’s close of the downleg and help the Seller redeploy his capital into a sizeable retail transaction upon closing in the conclusion of a 1031 exchange,” concluded Teplitzky.
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.