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| Pelican Apartments, Apollo Beach, FL |
APOLLO BEACH, 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 Pelican Apartments, a
16-unit waterfront apartment property located in Apollo Beach, Florida,
according to Richard D. Matricaria, regional manager of the firm’s Tampa
office. The asset sold for $1,137,500.
Casey Babb,
CCIM and vice president investments, and Luis
Baez, senior associate, both 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 also secured and represented by Baez and Babb.
Pelican Apartments
consists of two, two-story buildings located at 1003 Apollo Beach Boulevard in
Apollo Beach, Florida. The two buildings totaling 13,700-square feet sit on an
approximately 0.63 acre parcel directly in front of a canal giving access to
the Tampa Bay and the Gulf of Mexico.
The unit mix consists of four,
one-bedroom/one-bathroom units and 12 two-bedroom/one-bathroom units featuring
central heat and air-conditioning, water and pool views, ceramic tile flooring
and balconies. Community amenities include a swimming pool, two on-site laundry
centers, lush tropical landscaping, waterfront living and off-street parking.
Pelican Apartments is
located just off U.S. Highway 41 in Apollo Beach, a thriving waterfront community
in Hillsborough County between Tampa and Bradenton. The building and expansion
of the Amazon Fulfillment Center is located seven miles from the property with
2,000 current jobs and an additional 2,000 expected within the next couple of
years.
“This transaction is
further evidence of increased investor activity in tertiary submarkets in
pursuit of higher yield opportunities,” says Baez. “Apollo Beach once
considered a sleepy submarket of Tampa is now positioned for explosive growth
as economic drivers are being developed in the area such as the Amazon
Fulfillment Center, a recently opened major hospital and an outside mall in the
beginning stages of development.
The buyer, headquartered in the northeastern
U.S., plans to improve the curb appeal, enhance the amenity package and
renovated interiors with the goal of lifting rents to market.”
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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