Tuesday, July 12, 2011

Marcus & Millichap Facilitates Sale of Courtyard Apartments in St. Petersburg, FL for $1.175 Million

ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Courtyard Apartments (top left photo), a 59-unit multifamily property located in St. Petersburg, Fla., according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $1,175,000.

Associate Vice President Investments, Michael P. Regan (lower right photo) and Senior Associate, Francesco P. Carriera in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from St. Petersburg. 

The buyer, a limited liability company, was secured and represented by Regan, Carriera and Nicholas Meoli, a multifamily specialist.

Courtyard Apartments was built in 1960 and is located at 2400 15th Avenue South.  The property consists of two, two-story concrete block buildings with flat roofs.  They are all two-bedroom, one-bathroom units with 600 rentable square feet.  Property amenities include:  two laundry facilities, a playground and ample parking. 

“This property was listed by another brokerage firm before we acquired the listing. It was a challenging transaction because it was a short sale and the property was only 60 percent occupied. In the end though, we found the right buyer. The buyer appreciated the level of rehab that had been completed and saw tremendous upside in operations and long term appreciation”, said Carriera.

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

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