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| 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.
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| 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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