LARGO, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the lender-approved short sale of Chaparral Apartments (top left photo), a 444-unit 451,420-square foot multifamily property in Largo. The sales price of $14.3 million equates to $32,207 per unit and $32 per square foot.
Norman Eastwood (middle right photo), a senior vice president investments in Dallas, and Tal Frydman, a vice president investments in Fort Lauderdale, represented the seller, a Houston-based partnership and the buyer, a Massachusetts-based partnership.
“This property generated a great deal of interest,” says Frydman. “We conducted 34 property tours and received 27 offers from investors located throughout the United States and Canada.”
“The strength of the rental market in Largo provides the buyer with an excellent opportunity to reverse the fortunes of this underperforming asset,” adds Frydman. “The average apartment occupancy rate in Largo is 92 percent and at closing, Chaparral Apartments was approximately 50 percent vacant and had approximately 15 down units.”
The property is located at 601 East Rosery Road Northeast in Largo, the third-largest city in Pinellas County, Florida’s most densely populated county.
Built in 1971 on 23.5 acres, Chaparral Apartments offers residents a choice of one-, two- and three-bedroom floor plans ranging from 765 square feet to 1,375 square feet. Each unit has a fully equipped kitchen package, ceiling fans, walk-in closets and a patio or balcony. The two- and three-bedroom floor plans have full-size washer/dryer connections.
Community amenities at Chaparral Apartments include three swimming pools with sun decks, tennis courts, a workout room and exercise facility and a newly designed clubhouse. The property also has five laundry facilities, a boat storage area, 24-hour maintenance service and a car-washing and car-vacuuming area.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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