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| Bay Pointe Apartments, Largo, FL |
LARGO, FL – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, has announced the sale of Bay Pointe Apartments,
a 417-unit apartment complex in Largo, Fla.
The $18 million sales price equates to $43,165 per unit. Francesco
Carriera and Michael Regan, vice presidents investments in Marcus &
Millichap’s Tampa office, represented the seller and the buyer.
“Bay Pointe Apartments is located within a 10-minute drive
of two of Clearwater’s key business districts, Gateway and Carillon,” says
Carriera. “Average apartment occupancy in the area is 96 percent. Largo
received a 5.1 percent increase in occupancy between the second quarter of 2013
and the second quarter of 2014,” adds Carriera. “This was the highest increase
in all of the Tampa Bay Area’s submarkets.”
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| Francesco Carriera |
“The complex is well positioned to display strong
performance in the immediate future and will grow in the long term by taking
advantage of the area’s improving market and quarterbacking off the development
of new Class A multifamily product in the immediate area,” notes Regan.
Bay Pointe
Apartments are located on approximately 21 acres at 2770 Roosevelt Blvd. in
Largo, Fla., four-tenths of a mile east of U.S. Highway 19 and within two miles
of the St. Petersburg-Clearwater International Airport.
The property features
52 two-story residential buildings, a one-story laundry facility and a
one-story leasing office and laundry facility.
The unit mix is 240
one-bedroom/one-bath apartments and 177 two-bedroom/one-bath units.
In 2013,
the property received exterior capital improvements that included new roofs on
two buildings, the replacement of nine staircases, the repainting and resealing
of the parking lot and new paint on 12 of the residential buildings.
Select
first floor unit interiors received new vinyl flooring. Shared amenities
include a tennis court, a business center and two swimming pools.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
Marcus & Millichap
(925) 953-1716
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