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| Colony 900 Apartments, 900 70th Street North, 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 Colony 900 Apartments, a
20-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 $975,000.
Joshua Teplitzky, investment associate, Michael P.
Regan and Francesco P. Carriera, vice presidents investments in
Marcus & Millichap’s Tampa office, represented both parties in the
transaction.
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| Joshua Teplitzky |
Colony 900 Apartments was built in 1974 and is located at
900 70th Street North in St. Petersburg, Florida. This two-story building is comprised of a mix of one and
two-bedroom units.
Amenities include
central heat and air-conditioning in all units, and an on-site laundry
facility. The building was repainted
within the past year.
"This asset commanded a lot of interest as it was owned
in a trust and not previously marketed before,” says Teplitzky.
“We drove seven
offers in the first month-and-a-half of marketing and closed earlier than the
timeframe stated in the contract,” adds Teplitzky.
“The buyer pool saw this as a value add opportunity through
renovating the unit interiors, as the rents were $100 on average below the
market across the floor plans.”
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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