P:inellas County, FL Multifamily Property Brings $9.4 Million

  

                                   Lo Gorto Apartments, Dunedin, FL

  

DUNEDIN, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, arranged the sale of the Lo Garto Apartments, a 188-unit multifamily complex in the Tampa Bay Area city of Dunedin, Fla. The $9.4 million sales price equates to $50,000 per unit.

Frank Carriera

Francesco “Frank” Carriera and Michael Regan, vice presidents investments in the Tampa office of Marcus & Millichap, represented the seller and the buyer.

“Lo Garto Apartments is situated in a true in-fill location with notoriously high barriers to entry,” says Carriera. “The property’s occupancy was stabilized at the time of sale and there is potential upside to be gained through improved amenities and interior renovations.”

“Unusually spacious floor plans and proximity to world-famous beaches, major employment centers and two main thoroughfares will help ensure that demand remains high,” adds Regan.

Michael P. Regan

Located at 257 Milwaukee Ave. in Dunedin, Fla., the property is situated three miles north of Gulf to Bay Boulevard, which provides residents with access to downtown Clearwater and Clearwater Beach, and to Tampa via the Courtney Campbell Causeway.

Constructed in 1973, Lo Garto Apartments is composed of one single-story building and six two- and three-story buildings.  The unit mix features 94 one-bedroom/one-bath apartments, 82 two-bedroom/one-and-one-half-bath units and 12 two-bedroom/one-and-a-half-bath apartments. All units have central heating and air conditioning.

Community amenities include six on-site laundry facilities, a fitness center, a dog-walking area, picnic areas and a swimming pool.

For a complete copy of the company’s news release, please contact:

Ben Johnson

Marketing Director

(925) 953-1736