ST. PETERSBURG, FL, March 1, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Gateway Apartments (top left photo), a 144 unit Apartments property located in St. Petersburg, FL, according to Bryn D. Merrey, Vice President/Regional Manager of the firm’s Tampa office.
The asset commanded a sales price of $5,250,000.
Michael P. Regan (middle right photo) and Francesco P. Carriera (middle left photo), investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a special servicer.
The buyer, a private investor, was also exclusively secured and represented by Regan and Carriera.Gateway Apartments is located at 2000 Gandy Blvd., within the Gateway Business district and in close proximity to major retail and national/regional headquarters for companies such as Raymond James Financial, The Home Shopping Network, Franklin Templeton Investments, Tech Data, Jabil Circuit and Danka Office Imaging Company. Its convenient location, with direct access to Interstate 275 and US Highway 19, make it an ideal place to live.
“This sale was a major success for the client because they were focused on maximizing the property’s value and we helped them sell the asset for $400,000 over the clients target strike price,” Carriera said.
“To do that, we created a highly customized marketing approach designed to clearly articulate the potential future value of this property, the strength of its location and the growth of the submarket.
“We attracted 15 written offers from investors across the country procured by us, other Marcus & Millichap agents and other brokerage firms. The result was a sale price 8% over the seller’s expectations, which was a 6.44% cap rate.”
Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa
(813) 387-4700
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