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| Casey Babb |
ST.
PETERSBURG, FL, June 29, 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 Charter House
Apartments, a 57-unit apartment property located in St. Petersburg, Fla.,
according to Richard D. Matricaria, regional manager of the firm’s Tampa
office. The asset sold for $3,200,000.
Casey Babb, CCIM and vice president investments,
and Luis Baez, associate, in Marcus
& Millichap’s Tampa office, had the exclusive listing to market the
property on behalf of the seller, a private investor.
Charter
House Apartments is a 1960s vintage garden community located at 3435 3rd Avenue
North in St. Petersburg, Florida.
The property
consists of one, three-story building constructed of concrete block with flat,
built-up roofs and offers a mix of one-bedroom/one-bath and
two-bedroom/one-bath units averaging 737-square feet.
 |
| Luis Baez |
Units
feature semi-private entries, central heat and air-conditioning, private
sunrooms, vinyl or tile coverings in wet areas with carpet in bedrooms, walk-in
closets and re-finished bathrooms.
Charter
House presented investors with the opportunity to acquire a well-located,
stabilized multifamily asset with value-add potential, and was sold free and
clear of the existing debt allowing the buyer to take advantage of extremely
attractive long-term financing options.
The property has received over $100,000
in improvements including landscaping, irrigation system upgrades, parking lot
resurfacing/restriping, interior corridors and laundry room makeovers, upgrades
to the elevator and numerous interior renovations.
“Charter
House received good interest in the marketplace due to its location in the up
and coming Kenwood submarket just west of downtown St. Petersburg.
"The buyer was a very experienced investor out
of New York who was making his initial purchase in the area to satisfy a 1031
exchange. The seller achieved 100
percent of our asking price which was a 28 percent premium over his 2011
purchase price,” says Babb.
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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