Tuesday, August 3, 2010

Marcus & Millichap Facilitates Sale of Palm Gardens Apartments in New Port Richey, FL


NEW PORT RICHEY, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Palm Gardens Apartments (top left photo) , a 39-unit apartment building in New Port Richey, Fla, according to Greg Matus, Vice President/Regional Manager of the Fort Lauderdale office.

The property commanded a sales price of $500,000.

Senior Vice President Investments Evan Kristol and First Vice President Investments Still Hunter, III of the Fort Lauderdale office and Senior Associate Francesco Carriera (middle right photo)  of the Tampa office represented the seller of the property, a bank based in Kansas City, MO. Carriera secured the buyer, a private investor from Tarpon Springs, Fla.

“Despite the challenges in the market, with the vacancy over 20 percent and the hospital across the street from the property moving to a different location, we were still able to generate more than 15 offers due to our local, regional and national exposure,” says Carriera.

Palm Gardens Apartments consists of 11 buildings, all of which are one and two stories. The property is located at 5321 Beach Street in New Port Richey, Fla.

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