Tuesday, December 9, 2014

$1.2 Million Sale of Colton Apartments in St. Petersburg, FL Brokered by Marcus & Millichap


Colton Apartments, 249 Fourth Avenue North, St. Petersburg, FL


Joshua Teplitzky
ST. PETERSBURG, FL, Dec. 9, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of The Colton Apartments, a 17-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 $1,200,000.

Joshua Teplitzky, associate, Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office represented both parties in this transaction.

The Colton Apartments are located at 249 4th Avenue North in St. Petersburg, Fla. and within walking distance to Vinoy Park and the St. Petersburg Pier. 

The property consists of a three-story building with five studio units, nine, one-bedroom/one-bathroom units and three, two-bedroom/one-bathroom units. 

Michael P. Regan
Amenities include an on-site laundry facility.  The interiors of the units have been upgraded with hardwood flooring and ceramic tile in the kitchens and bathrooms. 

"This asset was extremely well located in the heart of downtown St. Petersburg,” says Teplitzky.  “We drove eleven offers throughout the marketing period and closed within the timeframe stated in the contract.

“This property received a great deal of interest due to the ongoing developments in downtown and expanding local St. Petersburg economy.”


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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