Marcus & Millichap Facilitates Sale of Highland Apartments in Largo, FL for $305,000

LARGO, FLA., Dec. 15, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Highland Apartments (top left photo), a 10-unit apartment property located in Largo, Fla., according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The sales price of $305,000 represents $34.02 per square foot.

James Vestal (lower right photo), multihousing specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor based out of New York.  The listing agent secured the buyer of the property, a limited liability company from Dunedin, Florida.

Highland Apartments was built in 1965 on approximately .31 acres.  It is located at 951 Highland Avenue Northeast just minutes from beautiful Clearwater beaches.   Highland Apartments is a mix of one-bedroom/one-bath and two-bedroom/one-bath units.

“This was a short sale transaction reflecting the high demand for distressed assets in the market” says Vestal.   “We were able to secure a price premium with three offers above list price because of the strong Pinellas County market and long term value associated with the asset” adds Vestal. 

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