Wednesday, February 18, 2015

$2.3 Million Apartment Building Sale Arranged by Marcus & Millichap in St. Petersburg, FL


Royal Palm Apartments, 550 50th Avenue North, St. Petersburg, FL

Casey Babb
ST. PETERSBURG, FL,  Feb. 18, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Royal Palm Apartments, a 40-unit vintage garden apartment community located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The $2,300,000 sales price equates to $57,500 per unit.

Casey Babb, CCIM and vice president investments, and Luis Baez, senior associate in Marcus & Millichap’s Tampa office represented the Florida-based seller.

The local buyer, a private investor, was secured and represented by Ari Ravi, associate, Casey Babb, CCIM and Luis Baez. 

Financing for the purchase was arranged by Julius “Al” Kinkle, Jr., associate director in Marcus & Millichap Capital Corp’s Tampa office.


Luis Baez
Royal Palm Apartments is located at 550 50th Avenue North in St. Petersburg, Florida.  This vintage garden community is located off 4th Street North just east of Interstate 275 in St. Petersburg, Florida, and consists of one, two-story building constructed in 1969 of concrete block with concrete subfloors and a flat, concrete roof. 

The property offers a mix of one-bedroom/one-bath and two-bedroom/one bath units averaging 719 square feet and has received over $400,000 in improvements, including new double-pane windows, exterior paint, new vinyl fencing, new signage and entrance lights, a new pool motor pump and new common-use washers and dryers.

“Considering its position between two of Tampa Bay’s largest employment hubs - Gateway/Carillon Business District and Downtown St. Petersburg - the 4th Street corridor has been attracting strong interest from investors, both local and international,” says Baez. 

“Royal Palm commanded six offers within two weeks of marketing, and closed at less than five percent of the list price.” 

“The 4th Street corridor will continue to be desirable to real estate investors as downtown St. Petersburg further develops into a destination location for employers and residents, and employment continues to improve throughout Pinellas County and the MSA as a whole,” concludes Baez. 


 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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