ST. PETERSBURG, FL, May 10, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Colton on 4th Avenue Apartments (top left photo) , a historic, 1922 built, 18-unit apartment property located at 249 4th Avenue North in downtown St. Petersburg, FL.
According to Bryn D. Merrey, Regional Manager of the firm’s Tampa office, the asset commanded a sales price of $1,050,500 or $58,361 per unit. Casey Babb, (middle left photo) CCIM and Bill Renje (top right photo), CCIM, senior associates in the firm’s Tampa office, obtained the exclusive listing to market the property on behalf of a community bank based in Tampa, FL.
Francesco Carriera, (bottom right photo) a multifamily investment specialist also in the firm’s Tampa office represented the buyer, a Canadian investor. According to Babb, the Colton on 4th Avenue sale was a testament to the Marcus & Millichap sales platform and was indicative of the current investment climate for multifamily properties in Florida.
“Through internal collaboration, we were able to cast a wide net and ended up with ten qualified offers from local, regional, national and international investors. The closing occurred within 30 days of contract acceptance with a Calgary, Canada-based investor. The seller achieved its goals on price and the buyer was able to negotiate very favorable financing terms and should do very well with this investment.”
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
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