LARGO, FL, June 30, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Midway Gardens (top left photo), a 33-unit apartment property located in Largo, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.
The property commanded a sales price of $840,000 which represents $25,454 per unit.
Associate Vice President Investments, Michael P. Regan (middle right photo), Senior Associate, Francesco P. Carriera (lower left photo), and Multifamily Specialist, Nicholas Meoli in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor from Palm Harbor, Fla.
The listing agents also secured the buyer of the property, a limited liability company from St. Petersburg, Fla.
Midway Gardens was constructed in 1971 and is located at 55 Jasper Street East. Its amenity package includes: a pool, laundry facility with four washers and four dryers. Several security cameras are also located throughout the property.
“This was a short sale and a good example of the loss of value that occurs with distressed properties. We first marketed the property twelve months ago and received 16 offers, the highest of which was $950,000.
“ Unfortunately the loan was sold at the last minute as part of an $80 million portfolio of loans and we were asked by the new lender to remarket the property.
“We received six offers and sold the property for $840,000 which equates to a 13 percent loss in value due to increasing deferred maintenance and vacancy” says Carriera.
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
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