Sunday, January 18, 2015

Savannah Apartments Sale for $803,000 in St. Petersburg, FL Brokered by Marcus & Millichap

  
Savannah Apartments, 5401 1st Avenue South, St. Petersburg, FL

  
Ari Ravi

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 Savannah Apartments, a 19-unit garden apartment community located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $803,000.

Casey Babb, CCIM and vice president investments and Ari Ravi, associate in Marcus & Millichap’s Tampa office, represented both parties in this transaction.

Savannah Apartments are located at 5401 1st Avenue South in St. Petersburg, Fla.  This is a Class “B+” community that was built in 1966.

  The property is well-kept and fully stabilized after receiving over $150,000 in renovations in 2010 and an additional $60,000 between 2011 and 2014.

“We’ve been in a seller’s market for a few years now, but there are still attractive real estate deals to be had and Savannah was a prime example,” says Babb.  “The property is very well kept and was fully-stabilized at the time of sale, so it will cash-flow day 1 with management upside.”

“The buyer beat out a host of other bidders because he was offering all-cash, a short inspection period and a 30-day close which was attractive to the seller, who in-turn accomplished his goal of exiting the Pinellas County market,” adds Ravi.

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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