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| The Dunbar Apartments, 410 12th Avenue Northeast, St. Petersburg, FL |
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| Casey Babb |
ST. PETERSBURG, FL, Feb. 11, 2014 – Marcus & Millichap
Real Estate Investment Services, the nation’s largest real estate investment
services firm, has announced the sale of The Dunbar, a 12-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 $732,500.
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| Luis Baez |
Casey Babb, CCIM, and associate vice president investments,
and Luis Baez, senior associate in Marcus & Millichap’s Tampa
office, had the exclusive listing to market the property on behalf of the
seller, a private investor based in Florida.
The buyer, a private
investor from California, was secured and represented by Joshua Teplitzky,
an investment specialist, Francesco “Frank” Carriera and Michael
Regan, both vice presidents investments, in the firm’s Tampa office.
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| Joshua Teplitzky |
The Dunbar is a 12-unit, value-add garden apartment
community built in 1951 and located at 410 12th Avenue Northeast in St.
Petersburg, Florida.
This 1950s vintage community consists of twelve units housed
in two, two-story concrete block buildings with exterior breezeways and a
single, flat built-up roof system.
Residents enjoy semi-private entries, private off-street
parking with six covered spaces, and an on-site laundry facility.
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| Francesco 'Frank' Carriera |
“We continue to see strong investor demand for
well-positioned, value-add properties which are not located in flood zones,”
says Baez and Teplitzky.
“This transaction
was met with six offers within one week, thanks in part to the power of our
platform and our internal collaboration culture,” adds Baez. “We procured a California buyer with a
30-day close at a mid-five percent cap rate,” concludes Teplitzky.
For a complete
copy of the company’s new release, please contact:
Richard D. Matricaria
Regional Manager
Tampa, FL
(813) 387-4700
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