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| Paradise Trail Apartments, 1111 Cardova Lane, Clearwater, FL |
CLEARWATER, FLA., August 7, 2013 – Marcus & Millichap
Real Estate Investment Services, the nation’s largest real estate investment
services firm, has announced the sale of Paradise Trail, a 13-unit
apartment community located in Clearwater, Florida, according to Richard D.
Matricaria, regional manager of the firm’s Tampa office. The asset sold for
$575,000.
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| Michael Donaldson |
Michael Donaldson, senior multifamily associate in
Marcus & Millichap’s Tampa office, had the exclusive listing to market the
property on behalf of the seller, a limited liability company. The buyer was
represented by Mark Schmitz of Excel Realty of Pinellas County, Inc.
Paradise Trail is located at 1111 Cardova Lane in
Clearwater, Florida. This two-story
apartment community was built in 1972 of concrete block construction and is
situated on just over 0.175 acres of land.
The unit mix consists of one and two-bedroom units. Several units have views of the intracoastal
which is located one quarter of a mile away from the property.
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| Mark Schmitz |
“The sale of Paradise Trail was another example of a
multifamily short sale being sold at market pricing,” said Donaldson in a
statement.
“With so few distressed
apartment assets being available on market any more, we are continuing to see
bank-owned and short sale properties selling at, or very close to, typical
market pricing due to substantial demand from investors.”
“Paradise Trail was purchased by a non-profit and obtained
an excellent price per unit for the Clearwater submarket,” concludes Donaldson.
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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