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| Three Fountains Apartments, 6740 Gulfport Boulevard South, South Pasadena, Fla. |
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| Francesco P. Carriera |
SOUTH PASADENA, 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 Three Fountains, a 59-unit
multifamily community located in South Pasadena, Fla, according to Richard
D. Matricaria, regional manager of the firm’s Tampa office.
The $5,600,000 sales price equates to $94,915 per unit.
Francesco P. Carriera and Michael P. Regan,
vice presidents investments in Marcus & Millichap’s Tampa office,
represented both parties in this transaction.
Three Fountains was built in 1969 and is located at 6740
Gulfport Boulevard South in South Pasadena, Fla. The property consists of two, three-story residential
buildings.
The buildings are comprised of 47 one-bedroom/one-bathroom
units, nine two-bedroom/one-bathroom units and three, two-bedroom/two-bathroom
units.
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| Michael P. Regan |
All units have
central heating and air-conditioning and the buildings are situated on
approximately 1.48 acres of land.
Amenities of the property include two, on-site laundry facilities, a
playground, waterfront views and a private fishing dock.
“Properties in a prime location do not trade often,” says
Carriera. “This property has been held
in a family trust for over 30 years.
"The buyers plan on keeping with this tradition and after a full interior
and exterior renovation of the entire property has been completed, they plan on
holding this irreplaceable piece of waterfront property in their portfolio for
many years,” adds Carriera.
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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