 |
| Michael P. Regan |
LARGO, 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 Bryan Dairy Place and Forest Creek Apartment Homes, a
two-property, 200-unit multifamily portfolio in Largo, Fla.
The $16.6 million
sales price equates to $83,000 per unit.
Michael Regan and Frank Carriera, vice presidents investments in Marcus &
Millichap’s Tampa office, represented the seller and the buyer.
“The
properties are stabilized assets with high occupancy,” says Carriera. “The
seller has capitalized on the significant rent growth these assets have
realized since the acquisition of the properties 24 months ago.
" The buyer
foresees continued rent growth and property appreciation due to Pinellas
County’s population density and high barriers to entry.”
“The
portfolio provides the new owner with economies of scale as the assets are
located approximately two miles from each other,” adds Regan.
 |
| Francesco Carriera |
Bryan
Dairy Place consists of six two-story residential buildings and 96
two-bedroom/two-bath units. Forest Creek Apartments features 11 one- and
two-story buildings with 80 one-bedroom/one-bath units and 24
two-bedroom/two-bath apartments.
All units in both communities have central
heating and air conditioning and washers and dryers. Shared amenities at both
properties include a grilling area, clubhouse and swimming pool.
For a complete copy
of the company’s news release, please contact:
Gina Relva, Public Relations Manager
(925) 953-1716
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