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| Villa Serena Apartments, St. Petersburg, FL |
ST. PETERSBURG, FLA., January 17, 2013 – Marcus &
Millichap Real Estate Investment Services, the nation’s largest real estate
investment services firm, has announced the sale of Villa Serena Apartments,
a 9-unit garden-apartment community located in St. Petersburg, Florida,
according to Richard D. Matricaria, regional manager of the firm’s Tampa
office.
The asset commanded a sales price of $620,000.
Casey Babb, a CCIM and senior multifamily specialist,
and Luis Baez, associate, both in Marcus & Millichap’s Tampa office,
had the exclusive listing to market the property on behalf of the Tampa-based
seller, a limited liability company.
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| Casey Babb |
Babb and Baez also secured the buyer of the property, Weller
Residential, a private multifamily investment firm located in St. Petersburg,
Florida.
Villa Serena Apartments was built in 1924 and is located at
336 8th Avenue Northeast. The property
consists of nine apartment units housed in a single-three-story,
masonry-constructed building with a flat, built-up wood truss roof system.
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There is a mix of one efficiency unit and
eight one-bedroom/one-bathroom units featuring renovated kitchens and
bathrooms, hardwood floors, ceiling fans, window air conditioners and large,
oversized closets.
The location off Beach Drive in St. Petersburg is
irreplaceable and the surrounding ‘Old Northeast’ submarket is widely
considered to be one of the strongest rental markets in the entire Tampa Bay
area.
“Had it not been for some difficulty in overcoming fire code
violations, we would have closed this transaction back in August or September,
but the fact that the buyer remained in place during the process is a testament
to what we’re seeing in the broader marketplace for well-located multifamily
properties with management upside,” says Babb.
“Currently, these assets can be financed with very favorable rates and
terms. Rental demand is very strong and
will continue to be so and investment yields are outperforming other equity
investment alternatives, such as stocks and bonds. The buyer for Villa Serena is planning a major renovation, most
of which was financed by the lender and will reposition the building into a
trophy type of property in an already phenomenal location.”
For a complete copy of the company’s news release, please
contact:
Richard D. Matricaria
Regional Manager,
Tampa
(813) 387-4700
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