Monday, April 30, 2012

Marcus & Millichap Announces Sale of Westbridge Apts. in Clearwater, FL

                                             
               
CLEARWATER, FL,  April 30, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Westbridge Apartments (top left photo), a 12- unit apartment property located in Clearwater, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The asset commanded a sales price of $370,500.

Michael Donaldson (middle right photo), a multifamily associate in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a financial institution.  The buyer, a local private investor, was also secured and represented by Donaldson.

“This transaction represents another example of the improving market conditions for the multifamily industry, as Westbridge fetched a higher price point than similar foreclosed apartments that have recently sold” comments Donaldson.

“The asset is situated in a desirable location close to downtown Clearwater and the beaches and was close to being fully stabilized.  The property also featured unique amenities and was parceled separately for condominiums.  These are all qualities that attracted substantial interest from buyers” adds Donaldson.

Westbridge Apartments was built in 1966 and is located at 700 South Betty Lane.

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

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