ST. PETERSBURG, , FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Gateway Apartments, (top right photo) a 144 unit Multi-Family property located in St. Petersburg, Florida, according to Steven M. Ekovich, First Vice President/Regional Manager of the firm’s Tampa office.The asset commanded a sales price of $8,570,000. Michael Regan had the exclusive listing to market the property on behalf of the seller, Benjamin Mallah. The buyer, Abraham Grohman, was secured and also represented by Michael Regan, an investment specialist in Marcus & Millichap’s Tampa office.
Gateway is located at 2000 N. G
andy Boulevard. in St. Petersburg, Florida. “The sale of this asset is indicative of what we are seeing in the market place, which is a high demand for ‘B’ quality assets," states Regan.
andy Boulevard. in St. Petersburg, Florida. “The sale of this asset is indicative of what we are seeing in the market place, which is a high demand for ‘B’ quality assets," states Regan. "Gateway Apartments was acquired by the seller from an entity that had planned on converting to condos. At the time of purchase, the property was only 60 percent occupied.
The seller placed a substantial amount of equity in the property and was able to stabilize the asset through improvements and aggressive management/marketing. The buyer was attracted to the property due to its high return, its location within the Gateway Business district and the future potential of the area."
Press Contact: Steven M. Ekovich, First Vice President/Regional Manager, Tampa, FL
(813) 387-4700
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