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| Tropic Aire Apartments, St. Petersburg, FL |
ST PETERSBURG, FL, Jan. 28, 2019 – 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 Tropic
Aire Apartments, a 16-unit apartment property located in St Petersburg, Fla.,
according to Ari Ravi, regional manager of the firm’s Tampa office.
The asset sold for
$1,800,000.
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| Joshua Teplitzky |
Joshua Teplitzky, First Vice President of Investments in Marcus
& Millichap’s Tampa office, had the exclusive listing to market the
property on behalf of the seller, a private investor.
Tropic Aire Apartments is a 16-unit
apartment community located in the city of St. Petersburg, Florida which is in
Pinellas County.
Built in 1951, all 16 of the units have individual air
conditioning and radiant heating, the building sits on a total of 0.19
approximate acres of land, across one parcel. Amenities includes on-site
laundry and a picnic area with a grilling station.
“Tropic Aire Apartments is well located in the Old Northeast of St.
Petersburg and consists of all studio floor plans. In the first two weeks of
marketing, we drove a full price offer from a buyer out of Southwest Florida.
"We were able to sell the property at a 5.58% capitalization
rate and $250 per square foot, once again demonstrating our ability to set the
bar higher on metrics for properties in prime locations with walkability to the
Urban Core,” concluded Teplitzky.
Contact:
Ari Ravi
Regional Manager, Tampa
(813) 387-4700
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