Sunday, January 24, 2016

Marcus & Millichap Arranges $3.58 Million Sale of 56-Unit Crescent Lake Apartments in St. Petersburg, FL

Joshua Teplitzky
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 Crescent Lake Apartments, a 56-unit multifamily community located in St. Petersburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,584,000.

Joshua Teplitzky, associate, Francesco P. Carriera, vice president investments, and Michael P. Regan, first vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  

The buyer, a private investor, was secured and represented by the three brokers.

Crescent Lake Apartments represents a 56-unit multifamily community in rapidly developing St. Petersburg, Florida. The majority of the interior of the units have been upgraded with bamboo, ceramic tile or laminate wood flooring.

 Recent capital improvements include tree trimming around the property and a landscaping beautification project, parking lot upgrades, carport replacements and new exterior paint on a few of the buildings.

Francesco P. Carriera
Crescent Lake Apartments is located at 459 15th Avenue North in St. Petersburg, which is just over one mile east of Interstate 275, a major north/south thoroughfare that provides direct access to downtown Tampa, Tropicana Field and Bradenton.

“Through our short marketing campaign we were able to generate multiple offers and secure a buyer within the first week,” says Teplitzky. 

“The buyer saw an opportunity to trim operating expenses and a rare change to purchase acquire a 50+ unit multifamily community in extremely close proximity to rapidly growing downtown St. Petersburg.”

“The community received approximately $100,000 in capital improvements in the last year,” concluded Teplitzky.

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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