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| Liv @ Villa Serena Apartments, Beach Drive, Old Northeast submarket, 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 Liv @ Villa Serena Apartments, a nine-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 $885,000.
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| Casey Babb |
Ari Ravi, associate, and Casey Babb, a CCIM
and vice president investments in Marcus & Millichap’s Tampa office,
represented both parties in the transaction.
Liv @ Villa Serena Apartments is a Class “B” apartment
building located on Beach Drive in St. Petersburg’s historic ‘Old Northeast’
submarket.
The property consists of a single, three-story building on
an oversized corner lot, built with masonry construction on an elevated pier
foundation with a flat, built-up wood truss roof system, which was replaced in
2012.
The building consists of eight large one-bedroom/one-bath
units and a studio apartment, as well as an on-site laundry facility, resident
storage units, a utility room and a building maintenance storage area.
Community amenities include bike storage, common area
laundry facilities, a shaded outdoor lounge with a brick paved patio deck,
barbecue grilling stations and outdoor lounge furniture under a new wood
pergola.
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| Ari Ravi |
“Liv @ Villa Serena received a lot of attention from
investors due to the ‘Class A’ location in the Old Northeast area of St.
Petersburg, and we conducted no less than 20 property tours during the
marketing campaign,” says Babb.
“The buyer comes
from Los Angeles, California and was attracted to the downtown St. Petersburg
area as a whole, as well as the upside potential and in-place yields at the
property relative to those in California, which are much lower,” concludes
Babb.
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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