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| Hampton Bay Apartments, 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 Hampton Bay Apartments, a 21-unit multifamily
community located in St. Petersburg, Florida, according to Richard D.
Matricaria, Regional Manager of the firm’s Tampa office.
The asset commanded a sales price of $675,000.
Michael P. Regan and Francesco P. Carriera,
vice president investments and Nicholas Meoli, investment specialist in
Marcus & Millichap’s Tampa office, represented both the seller and the
buyer, private investors based in Florida.
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| Michael P. Regan |
Hampton Bay Apartments is a three-story building,
constructed in 1974 and located at 111 Southwest Madison Circle North.
The unit mix consists of nine efficiency units with 365
rentable square feet, nine one-bedroom/one-bathroom units with 550 rentable
square feet and three two-bedroom/one-bathroom units with 850 rentable square
feet.
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| Francesco P. Carriera |
Renovation of the
property includes new paint on the exterior and hallways of the building, new
tile floors in 20 of the 21 units and 15 units have received all new white
kitchen cabinets. The parking lot has
also been resurfaced.
“This sale was an all-cash transaction with a three day
contingency period,” says Meoli. “The
property closed within thirty days from the executed contract.”
“This was a private lender short-sale,” adds Frank Carriera.
“One of the very few left in the Tampa Bay area.”
Press Contact:
Richard D. Matricaria
Regional Manager,
Tampa, FL
(813) 387-4700
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