Marcus & Millichap Sells 18-Unit Apartment Building in Clearwater, FL

CLEARWATER, FL, July 22, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Wildwood Villas (top left photo), an 18-unit apartment property located in Clearwater, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $475,000.

Casey Babb, (top right photo)  CCIM, senior associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private, Miami, Florida-based investor.

“This sale was more difficult than normal, as it was only 33 percent occupied and was a short-sale which required lender approval” commented Babb.

 “After successfully navigating through the complex process, the seller was released from personal guarantees and the buyer was able to purchase the property at a steep discount to replacement cost with upside potential.”

Paul Bouldin, (lower left photo)  a senior associate, also in the firm’s Tampa office represented the Tampa, Florida-based buyer.

Wildwood Villas is located at 600 Wildwood Way in the heart of Pinellas County, just south of downtown Clearwater.

 This 18-unit apartment community, built in 1972, consists of ten one-bedroom/one-bath units and eight two-bedroom/one-bath units, housed in two, two-story buildings.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700