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