ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Citrus Grove Apartments (top left photo), an 84-unit, HUD subsidized apartment property located in St. Petersburg, Florida, according to Richard D. Matricaria (middle left photo), regional manager of the firm’s Tampa office. The asset commanded a sales price of $2,400,000.
Casey Babb (middle right photo), a CCIM and senior multifamily specialist and Luis Baez, multifamily specialist 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 partnership, was also secured and represented by Babb and Baez.
Citrus Grove Apartments was built in 1971 and is located at 731 15th Street South. This 100 percent Project-Based, Section 8, affordable housing property is situated on 3.16 acres and comprises seven three-story, concrete block apartment buildings with pitched shingle roofs.
Amenities include: semi-private breezeway entries, fully-appointed kitchens with electric appliances and window-unit air conditioning units.
“Over the years, Citrus Grove had evolved into a problem property plagued by high crime and poor living conditions,” adds Babb.
“HUD and the city of St. Petersburg were determined to see a change of ownership. After an exhaustive two-and-a-half-year process, we were able to help make that happen.
. “The incoming owner is planning a half-million dollars’ worth of immediate capital improvements, which is a huge sum for a property of this size. Improvements will consist of new roofs, new central HVAC systems, improved security, improved landscaping, and more.
“ More importantly, the criminal element is going to be systematically removed so that the good residents at Citrus Grove can finally benefit from much improved living conditions”.
Press Contact: Richard D. Matricaria, Regional Manager, Tampa
(813) 387-4700
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