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| Bay Point Villas Apartments, St. Petersburg, FL |
ST, PETERSBURG, FL – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, announced the sale of Bay Point Villas
Apartments, a 136-unit multifamily community located in St. Petersburg,
Florida, according to Richard D. Matricaria, regional manager of the
firm’s Tampa office.
The $4,800,000 sales
price equates to $35,294 per unit.
Michael P. Regan and Francesco P. Carriera,
vice presidents investments in Marcus & Millichap’s Tampa office, and Evan
P. Kristol and Still Hunter III, senior vice president investments
in the firm’s Ft. Lauderdale office, represented both parties in the transaction.
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| Michael P. Regan |
Bay Point Villas Apartments were built in 1972 and are
located at 2150 62nd Terrace South in St. Petersburg, Florida.
The property consists of seven, two-story residential
buildings and a one-story building that serves as the leasing office, clubhouse
and laundry facility.
The residential
buildings are comprised of 76 one-bedroom/one-bathroom units, 30
two-bedroom/one-bathroom units and 30, two-bedroom/two-bathroom units. All units have central heating and
air-conditioning and the buildings are situated on approximately an 8.64-acre
parcel of land.
In 2014, the property received capital improvements which
included a remodeled clubhouse and new brick pavers around the pool area. Amenities include an on-site laundry
facility and management office, a clubhouse and a sparkling swimming pool.
“Bay Pointe Villas was a stabilized asset with room to raise
rents through the continued improvement of unit interiors,” says Regan.
“The Pinellas Pointe submarket seems to be on the rise with
the renovation of Mariners Pointe and new, single-family homes being built in
the market,” concludes Regan.
For a complete
copy of the company’s news release, please contact:
Richard D.
Matricaria
Vice President/Regional Manager
Tampa, FL
(813) 387-4700
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