Tuesday, August 4, 2015

Marcus & Millichap Brokers Ssale of Park 62 Apartments in Pinellas Park, FL

Casey Babb
PINELLAS PARK, 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 Park 62, a 46-unit apartment property located in Pinellas Park, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,700,000.

Casey Babb, CCIM and vice president investments, and Luis Baez, senior associate, both in Marcus & Millichap’s Tampa office and Gary Witten, vice president investments, in the firm’s New Haven office all represented the buyer, a private, 1031-exchange investor based in Connecticut.

 The seller, Equity Management Partners, was represented by Joe Lomangino

Park 62, a 46-unit community, is located at 3491 62nd Avenue North in Pinellas Park, Florida. The property consists of 35 one-bedroom/one-bath, four two-bedroom/one-bath, six two-bedroom/two-bath and one three-bedroom/two-bath units which were 97 percent occupied at closing.

Luis Baez
The property has been extensively improved within the past 18 months with new landscaping, new parking lots, new exterior paint, upgraded electrical, updated appliances and several rehabbed apartments. Residents can enjoy the on-site laundry facility, storage units and a common area gazebo.

“Park 62 was a good fit for our client, who was selling a property in Hartford, Connecticut after a long-term hold and exchanging into a newer community in the Tampa Bay MSA, which had been extensively rehabbed with over $600,000 of recent improvements.

“The location in Pinellas Park is fundamentally solid as it is near one of the most densely populated employment centers in Florida,” says Babb.

For a complete copy of the company’s news release, please contact:

Richard D. Matricaria
Vice President/Regional Manager, Tampa
(813) 387-4700

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