Friday, December 23, 2016

Marcus & Millichap Arranges $650,000 Sale of The Vineyard Apartments in Clearwater, FL

Shawn Rupp
CLEARWATER, FL, Dec. 23, 2016 – 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 Vineyard, a 12-unit apartment community located in Clearwater, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $650,000.

“The seller had done significant improvements to the property and had stabilized the asset after buying it out of foreclosure,” says Shawn Rupp, associate in Marcus & Millichap’s Tampa office. “Our marketing process generated a bidding war for the property, which ultimately resulted in a closing within four percent of listing price.”

Rupp, along with Casey Babb, CCIM and vice president investments, and Luis Baez, CCIM and senior associate, also in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller. 

The Vineyard a 1960’s vintage apartment community located at 1015 Vine Avenue in Clearwater, Florida. The property consists of twelve, two-bedroom/one-bathroom apartments averaging approximately 576 square feet and featuring private entrances, granite countertops, new cabinets and new tile floors. The units are housed in six, one-story, garden-style apartment buildings.

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

Ari Ravi
Regional Manager

(813) 387-4700

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