Tampa Bay-Area Multifamily Complex Sells for $18 Million

Bay Pointe Apartments, Largo, FL

LARGO, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Bay Pointe Apartments, a 417-unit apartment complex in Largo, Fla. The $18 million sales price equates to $43,165 per unit.

            Francesco Carriera and Michael Regan, vice presidents investments in Marcus & Millichap’s Tampa office, represented the seller and the buyer.

“Bay Pointe Apartments is located within a 10-minute drive of two of Clearwater’s key business districts, Gateway and Carillon,” says Carriera.

Francesco Carriera

“Average apartment occupancy in the area is 96 percent. Largo received a 5.1 percent increase in occupancy between the second quarter of 2013 and the second quarter of 2014,” adds Carriera.

 “This was the highest increase in all of the Tampa Bay Area’s submarkets.”

“The complex is well positioned to display strong performance in the immediate future and will grow in the long term by taking advantage of the area’s improving market and quarterbacking off the development of new Class A multifamily product in the immediate area,” notes Regan.

The property is located on approximately 21 acres at 2770 Roosevelt Blvd. in Largo, Fla., four-tenths of a mile east of U.S. Highway 19 and within two miles of the St. Petersburg-Clearwater International Airport.

Bay Pointe Apartments features 52 two-story residential buildings, a one-story laundry facility and a one-story leasing office and laundry facility. The unit mix is 240 one-bedroom/one-bath apartments and 177 two-bedroom/one-bath units.

Michael P. Regan

In 2013, the property received exterior capital improvements that included new roofs on two buildings, the replacement of nine staircases, the repainting and resealing of the parking lot and new paint on 12 of the residential buildings.

Select first floor unit interiors received new vinyl flooring. Shared amenities include a tennis court, a business center and two swimming pools.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

Marcus & Millichap Capital Corporation

(925) 953-1716