Saturday, June 30, 2012

Marcus & Millichap Arranges Sale of Crescent Lake Apartments in St. Petersburg, FL


ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Crescent Lake (top left photo), a 50-unit multifamily property located in St. Petersburg, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $1,825,000.

Michael Donaldson (lower right photo), a senior multifamily associate in Marcus & Millichap’s Tampa office, sold the property on behalf of the locally based seller and the Louisiana-based buyer, both private investors. 

“This offering was a collection of over 50 units in various older vintage buildings surrounding picturesque Crescent Lake Park, a prime location in St. Petersburg,” says Donaldson.

 “All of the interiors had been extensively renovated, with several units offering lake views, making these units highly desirable to tenants. Being able to achieve consistently high occupancy levels and continued rent growth in a strong location, made this property truly appealing to the buyer,” adds Donaldson.

Crescent Lake Apartments is a portfolio of 50 units located at 1801 5th Street North in St. Petersburg, Florida.

Press Contact:

 Richard D. Matricaria
Regional Manager,
Tampa, FL
(813) 387-4700

No comments: