Marcus & Millichap Brokers $280,000 Sale of 11-Unit Apartment Building in Zephyrhills, FL

5150 and 5122 6th Street, Zephyrhills, FL

ZEPHYRHILLS, 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 a two-property portfolio located in Zephyrhills, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $280,000.

Cameron Barbas, associate, Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.

Cameron Barbas

The properties are located at 5150 and 5122 6th Street in Zephyrhills, Florida and consist of two, one-story buildings and one, two-story building.

 There are five studio units with 350 rentable square feet and six, one-bedroom/one-bathroom units with a range of 450 to 950 rentable square feet.  

The buildings are located within two blocks of each other and are situated on approximately 0.37 acres and 0.15 acres of land.  Amenities include a private gated entry at 5122 6th Street.

“The transaction closed within 66 days of the initial marketing of the portfolio located in the tertiary market of Zephyrhills, says Barbas.

“We drove multiple written offers, including the eventual purchaser’s offer, within the first two weeks of marketing. The assets were only 72 percent occupied at the time of sale, as three of the 11 units were down.”

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa. FL

(813) 387-4700

Marcus & Millichap Arranges Sale of Colony 900 Apartments in St. Petersburg, FL for $975,000

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. 

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