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