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| 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
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