Sunday, May 26, 2019

Marcus & Millichap Handles $10.7 Million Sale of 90-Unit Serenity Creek Apartments in St. Petersburg, FL


90-Unit Serenity Creek Apartments, 4201 49th Street North,
 St. Petersburg, FL

ST PETERSBURG, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Serenity Creek, a 90-unit apartment property located in St. Petersburg, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $10,725,000.


Casey Babb
Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp, 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 was also secured and represented by the three brokers.

 “This asset was truly turn-key and was generating average rents of approximately $1,200 per month at the time of sale,” said Rupp. 

 “Our marketing campaign generated 12 written offers and the deal closed in less than 60 days from contract execution without re-trade,” added Babb.

Serenity Creek is located at 4201 49th Street North in St Petersburg, Fla.



Luis Baez
 Built in the 1980s, Serenity Creek received a major rehab in 2007 and, over the past 18-months, the current ownership has invested another $2 million into the asset enhancing units, property exteriors and common area amenities.

The property consists of 3.19 acres featuring a mix of mature and new landscaping and resident amenities including a sparkling swimming pool with sundeck, multiple outdoor lounge areas with fire pits and barbecue grilling areas.

 Also, a central clubhouse, mail kiosk and leasing center and a large on-site laundry center. Units are a mix of one-bedroom/one-bath, two-bedroom/one-bath and two-bedroom/two-bath and are housed in seven two-story, concrete block buildings with exterior breezeways and pitched shingle roofs.



Shawn Rupp
Roughly one-third of the units (33 of 90) were recently rehabbed to condo grade with all new vinyl plank flooring, raised panel interior doors, kitchens, baths and light/fan/window blind fixtures.

Kitchens feature new custom white shaker style cabinets, counter tops, appliances, dishwashers and/or in-unit clothes washer/dryers and bathrooms feature the same cabinet/counter tops and new tile tub surrounds.

Another 55 units have been renovated with similar finishes throughout but with older style cabinets.




About Marcus & Millichap (NYSE: MMI)

Grant Fitzgerald
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services.

Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. 

Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.



To learn more, please visit: www.MarcusMillichap.com.



CONTACTS: 

Grant Fitzgerald
Sales Manager, Tampa
(813) 387-4700


Whitney Davis
Marketing Coordinator
Marcus & Millichap
201 North Franklin St.
Suite 1100
Tampa, FL 33602
(813) 387-4700 main
(813) 387-4743 direct
(813) 387-4710 fax
whitney.davis@marcusmillichap.com


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