Friday, May 21, 2010

Marcus & Millichap Sells 14-Unit Apartment Building in Clearwater, FL

CLEARWATER, FL, May 21, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Edward Apartments (top left photo) , a 14-unit apartments property located in Clearwater, Florida, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $360,000.

Michael P Regan investment specialist in Marcus & Millichap’s Tampa office and Felipe J. Echarte, investment specialist in the firm’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of both the seller and the buyer, limited liability companies based out of Florida.

The Edward Apartments is located at 1408 Alpine Road.

“This property was successfully sold as a structured short sale. We are seeing banks being more proactive in going down this route with cooperating borrowers, rather than chancing a long foreclosure process” Regan stated.

Press Contact:  Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

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