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| Casey Babb |
PINELLAS PARK, 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 Park 62, a 46-unit
apartment property located in Pinellas Park, Fla., according to Richard D.
Matricaria, regional manager of the firm’s Tampa office. The asset sold for
$2,700,000.
Casey Babb,
CCIM and vice president investments, and Luis
Baez, senior associate, both in Marcus & Millichap’s Tampa office and Gary Witten, vice president
investments, in the firm’s New Haven office all represented the buyer, a
private, 1031-exchange investor based in Connecticut.
The seller, Equity Management Partners, was
represented by Joe Lomangino.
Park 62, a 46-unit
community, is located at 3491 62nd Avenue North in Pinellas Park, Florida. The
property consists of 35 one-bedroom/one-bath, four two-bedroom/one-bath, six
two-bedroom/two-bath and one three-bedroom/two-bath units which were 97 percent
occupied at closing.
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| Luis Baez |
The property has been
extensively improved within the past 18 months with new landscaping, new
parking lots, new exterior paint, upgraded electrical, updated appliances and
several rehabbed apartments. Residents can enjoy the on-site laundry facility,
storage units and a common area gazebo.
“Park 62 was a good fit
for our client, who was selling a property in Hartford, Connecticut after a
long-term hold and exchanging into a newer community in the Tampa Bay MSA,
which had been extensively rehabbed with over $600,000 of recent improvements.
“The location in Pinellas
Park is fundamentally solid as it is near one of the most densely populated
employment centers in Florida,” says Babb.
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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