Wednesday, March 20, 2013

$3.5 Million Multifamily Sale Arranged in South Pasadena, FL by Marcus & Millichap



  
Shore Drive Apartments, South Pasadena, FL
  
SOUTH PASADENA, FL,  March 20, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Shore Drive Apartments, a 50-unit multifamily property located in South Pasadena, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Casey Babb
The asset commanded a selling price of $3,500,000, which equates to $70,000 per unit.

Casey Babb, CCIM a senior associate in Marcus & Millichap’s Tampa office, represented the seller, a St. Petersburg-based family partnership and the buyer, Weller Residential, also based in St. Petersburg, Florida. 

Shore Drive Apartments was built in 1972 and is located at 1824 Shore Drive South.

“Shore Drive presented an increasingly rare opportunity to acquire one of only a handful of remaining waterfront apartment properties in the Tampa Bay area and consequently, the deal transacted very quickly,” says Babb.

 “The property had been owned by the seller since they developed it back in 1972, but had never undergone a major rehab.  

"The incoming buyer is planning a major renovation of the property exteriors, common areas, amenities and unit interiors over the initial 12-months and the property will be rebranded as Liv @ Boca Ciega.” 



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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