Sunday, January 18, 2015

Marcus & Millichap Arranges Sale of Cedar Hollow Apartments in Pinellas Park, FL for $2 Million

   
Casey Babb
PINELLAS PARK, 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 Cedar Hollow Apartments, a 42-unit apartment community located in Pinellas Park, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The $2,040,000 sales price equates to $48,571 per unit.

  Casey Babb, CCIM and vice president investments in Marcus & Millichap’s Tampa office secured and represented the buyer, a limited liability company based in Tel Aviv, Israel.

Cedar Hollow Apartments was built in the mid-1980s and consists of an attractive mix of one and two-bedroom apartments on 2.54 acres. The property was 88 percent occupied at the time of sale and closed at a proforma 9.26 percent cap rate.

“Cedar Hollow was purchased all-cash after a short contingency period and closed in under 30 days to an international investor who is making his first investment in our market,” says Babb.

“International investors continue to seek the stability that comes with U.S. Real Estate, and in the case of Cedar Hollow, the asset should produce double-digit returns and predictable cash-flows with long-term asset appreciation,” 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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