ST. PETERSBURG, FL, May 16, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Andover Bay Townhomes (top left photo), an 18-unit townhome subdivision located in St. Petersburg, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.
The asset commanded a sales price of $1,000,000.
Casey Babb (middle right photo), a CCIM and senior multifamily specialist, and Luis Baez (lower left photo), multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a limited liability company, was secured and represented by Babb and Baez.
Andover Bay Townhomes is located at 7450 39th Place North. This is a partially completed, 45-lot townhome subdivision. The developed townhome units consist of five two-bedroom/two-and-a-half bath units at 980 square feet and 13 three-bedroom/two-and-a-half bath units at 1,400 square feet. The ready-to-build lots will yield seven additional two-bedroom/two-and-a-half baths and 20 three bedroom/two-and-a-half bath townhomes.
“Andover Bay presented serious challenges due to construction defects that were uncovered during due diligence” comments Babb. “At the final price however, it was a win-win situation for both the buyer and the seller. The buyer plans to rehab the existing units, build out the vacant lots and hold the property as a rental until the ‘for-sale’ housing market improves” adds Babb.
Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa
(813) 387-4700
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