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| Treasure Bay Apartments, 649 7th Avenue North, St. Petersburg, FL |
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| Casey Babb |
ST. PETERSBURG, FL, Dec. 4, 2013 – Marcus & Millichap Real Estate
Investment Services, the nation’s largest real estate investment services firm,
has announced the sale of Treasure Bay, an eight-unit apartment property
located in St. Petersburg, Fla., according to Richard D. Matricaria,
regional manager of the firm’s Tampa office. The asset sold for $252,500.
Casey Babb, a CCIM and
senior multifamily specialist and Ari Ravi, associate in Marcus &
Millichap’s Tampa office, had the exclusive listing to market the property on
behalf of the seller and the buyer, local private investors based in Florida.
Treasure Bay is located at 649
7th Avenue North in St. Petersburg, Fla.
This two-story, eight unit, multifamily property is located in Pinellas
County, just north of downtown St. Petersburg.
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| Ari Ravi |
Built in 1950 of concrete block construction, the community sits near
Mirror Lake Park and is a quick walk to 4th Street North, which is the primary
retail and commercial corridor in St. Petersburg.
Units consist of seven studio
apartments on the ground floor and a single three-bedroom, one bath unit on the
second floor.
“The seller of Treasure Bay had a business opportunity and
needed to access his equity in the property very quickly,” says Ravi. “We were able to deliver for him with an
all-cash purchaser who did a five-day due diligence and closed five days later.
“ Right now, there are
approximately five to 10 times more buyers than sellers, which provides for a
healthy marketplace with good liquidity for sellers,” adds Ravi.
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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