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| Francesco P. Carriera |
TREASURE ISLAND, 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 Mont Carlo Apartments, a 9-unit apartment property located in
Treasure Island, FL, according to Richard D. Matricaria, regional manager of
the firm’s Tampa office.
The asset sold for $1,275,000.
Francesco P.
Carriera, Joshua Teplitzky, Cameron Barbas and Michael P. Regan, investment
specialists in Marcus & Millichap’s Tampa office, had the exclusive listing
to market the property on behalf of the seller, a private investor.
Mont Carlo Apartments is located at 105 110th Avenue in
Treasure Island, FL.
It is a
waterfront, multifamily community located in the town of Treasure Island,
Florida which is in Pinellas County.
The property is walking distance to the
Gulf of Mexico and it is within two miles of John's Pass, a quaint turn of
the century fishing village which is Pinellas County's #1 tourist attraction.
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| Michael P. Regan |
Over one hundred merchants inhabit the village with unique retail shopping, a
variety of restaurants, the local fishing fleet, dolphin watching and shelling
tours, boat rentals, para sailing and jet skiing.
"This transaction is a true representation of how cap
rates have compressed in extremely desirable locations,” says Teplitzky.
“The capitalization rate was under 5% due to
the sale including a two-story waterfront house with a boat lift and a pool
which intrinsically added value to the offering,” added Teplitzky.
For a complete copy
of the company’s news release, please contact:
Richard D. Matricaria
Vice President/Regional Manager, Tampa
(813) 387-4700
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