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| Joshua Teplitzky |
ST. PETERSBURG, 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 Crescent Lake Apartments,
a 56-unit multifamily community located in St. Petersburg, Florida, according
to Richard D. Matricaria, regional manager of the firm’s Tampa office. The
asset sold for $3,584,000.
Joshua Teplitzky, associate, Francesco P.
Carriera, vice president investments, and Michael P. Regan, first vice president investments, all in Marcus
& Millichap’s Tampa office, had the exclusive listing to market the
property on behalf of the seller, a private investor.
The buyer, a private investor, was secured
and represented by the three brokers.
Crescent Lake Apartments
represents a 56-unit multifamily community in rapidly developing St.
Petersburg, Florida. The majority of the interior of the units have been
upgraded with bamboo, ceramic tile or laminate wood flooring.
Recent capital improvements include tree
trimming around the property and a landscaping beautification project, parking
lot upgrades, carport replacements and new exterior paint on a few of the
buildings.
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| Francesco P. Carriera |
Crescent Lake Apartments
is located at 459 15th Avenue North in St. Petersburg, which is just over one
mile east of Interstate 275, a major north/south thoroughfare that provides
direct access to downtown Tampa, Tropicana Field and Bradenton.
“Through our short
marketing campaign we were able to generate multiple offers and secure a buyer
within the first week,” says Teplitzky.
“The buyer saw an opportunity to trim
operating expenses and a rare change to purchase acquire a 50+ unit multifamily
community in extremely close proximity to rapidly growing downtown St.
Petersburg.”
“The community received
approximately $100,000 in capital improvements in the last year,” concluded
Teplitzky.
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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