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| 620 South Betty Lane Apartments, Clearwater, FL |
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| Joshua Teplitzky |
CLEARWATER, FL, Feb.
11, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s
largest real estate investment services firm, has announced the sale of 620
South Betty Lane Apartments, a 12-unit apartment community located in Clearwater,
Fla., according to Richard D. Matricaria, regional manager of the firm’s
Tampa office. The asset sold for $527,000.
Josh Teplitzky, investment specialist, Francesco
“Frank” Carriera and Michael Regan, vice presidents investments in
Marcus & Millichap’s Tampa office, had the exclusive listing to market the
property on behalf of the seller, a limited liability company based out of
South Africa.
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| Francesco 'Frank' Carriera |
The listing agents also
secured the buyer of the property, a local private investor.
This apartment community was built in 1965 and located at
620 and 622 South Betty Lane in Clearwater, Florida. The property consists of two, two-story buildings comprising
one-, two- and three-bedroom units.
Amenities include two on-site laundry facilities,
screened-in porches with all units, carports, additional storage space and
central heat and air-conditioning.
“We generated several offers within the first
week-and-a-half of marketing,” says Teplitzky. “The two highest bidders owned
other multifamily properties in the local market and were looking to build
economies of scale with the acquisition.”
“Other notable terms of this transaction included the
property which had original 1965 flat roofs and the buyer who paid all cash at
closing,” 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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