Tuesday, August 8, 2017

Marcus & Millichap Arranges $1.7 Million Sale of R & G Apartments in St. Petersburg, FL

Joshua Teplitzky

 ST. PETERSBURG, FL, August 8, 2017 – 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 R & G Apartments, a 23-unit apartment property located in St Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,700,000.

Joshua Teplitzky, Cameron Barbas, Francesco P. Carriera, and Michael P. Regan investment specialists 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 also secured and represented by the same brokers.  

“This transaction is yet another which represents our ability to bring out of area capital into our market regardless of asset size,” says Teplitzky.

“This property had a heavy value-add component in a significantly redeveloping area in St. Petersburg,” added Barbas. “The addition of local retail and dining, including but not limited to Fresh Market, Publix and Trader Joe’s has had a significant impact on both rents and property values in this submarket.”

 “Our ability to articulate and convey the tremendous growth path within this area led to a record breaking price point of $73,913 per unit for 91% unrenovated 1920’s product with majority one-bedroom floor plans,” concluded Teplitzky.

R & G Apartments is located at 800 32nd Avenue North in Saint Petersburg, Florida. 

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

Ari Ravi
Regional Manager, Tampa

(813) 387-4700  

No comments: