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| Michael Donaldson |
ST PETERSBURG, FL – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, announced the sale of Essex Court, a
18-unit apartment property located in St Petersburg, Fla., according to Richard
D. Matricaria, regional manager of the firm’s Tampa office. The asset sold
for $875,000.
Michael Donaldson, vice president investments and Nicholas
Meoli, senior associate in Marcus & Millichap’s Tampa office,
represented the seller, a local private investor.
The buyer was procured by Earle Hyman, a senior vice
president investments in the firm’s Encino office and Donaldson and Meoli in
the Tampa office.
Essex Court was built in 1972 and is located at 5800 37th
Avenue North in St Petersburg, Fla.
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| Nicholas Meoli |
“This transaction illustrates the continued national demand
for well-located multifamily investments in the Tampa Bay area,” says
Meoli. “The Essex Court acquisition
allowed the buyer to increase their footprint in the St. Petersburg submarket
and ultimately improve operations through economies of scale,” concludes
Donaldson.
For a complete copy of the company’s news release, please
contact:
Richard D.
Matricaria
Vice President/Regional Manager
Tampa, FL
(813) 387-4700
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