CLEARWATER, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Oak Creek (top left photo), a 165,600-square foot multifamily property located in Clearwater, Fla., according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.
The asset commanded a sales price of $8,800,000.Michael P. Regan (middle right photo), a vice president investments and Francesco P. Carriera (middle left photo), associate 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, a private investor, was also exclusively secured and represented by Michael P. Regan and Francesco P. Carriera.
Oak Creek was built in 1984 and is located at 2175 62nd Street North. The property consists of seventeen, two-story buildings and is comprised of 184 two-bedroom/two-bath units with 900 rentable square feet. Amenities include three on-site laundry facilities, ample on-site parking, a playground and a swimming pool.
“This transaction represents why we are back to some level of normalcy in multifamily commercial real estate” says Carriera. “This property underwent a significant renovation over the last couple of years and was stabilized at 96 percent occupancy at the time of sale. The buyer was a private entity and this was their first multifamily acquisition. They were able to receive financing in the amount of 80 percent LTV with favorable rate and terms.”
“This sale proves that the investor pool for stabilized “B” class product remains strong” adds Regan.
Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa, FL, (813) 387-4700
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