Saturday, July 16, 2016

Marcus & Millichap Brokers $7.75 Million Sale of 136-Unit Bay Point Villas Apartments n St. Petersburg, FL

Michael P. Regan
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 Bay Point Villas Apartments, a 136-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 $7,750,000.

Francesco P. Carriera and Michael P. Regan, both first vice president investments 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 Carriera and Regan.

Bay Point Villas Apartments, a 136-unit multifamily community, is located at 2150 62nd Terrace South in St. Petersburg, Florida. The property consists of seven, two-story residential buildings and a freestanding, one-story building that serves as the leasing office, clubhouse and fitness center.

The residential buildings are comprised of 76 one-bedroom/one-bathroom units with 653 rentable square feet, 30 two-bedroom/one-bathroom units with 927 rentable square feet and 30 two-bedroom/two-bathroom units with 987 rentable square feet. Amenities include on-site laundry facilities, fitness center, business center, resident lounge with community kitchen and a sparkling swimming pool.

“The St. Petersburg real estate market remains strong,” says Regan. “Due to the low inventory but yet very high demand, investors are continuing to see the benefit of renovating assets which is demanding rental increases.”

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

Richard D. Matricaria
First Vice President / Regional Manager
 Tampa, FL

(813) 387-4700

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