 |
| Michael P. Regan |
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 Bay Point Villas Apartments, a 136-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 $7,750,000.
Francesco P. Carriera and Michael P. Regan, both first vice president investments 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 Carriera and Regan.
Bay Point Villas
Apartments, a 136-unit multifamily community, is located at 2150 62nd Terrace
South in St. Petersburg, Florida. The property consists of seven, two-story
residential buildings and a freestanding, one-story building that serves as the
leasing office, clubhouse and fitness center.
The residential buildings
are comprised of 76 one-bedroom/one-bathroom units with 653 rentable square
feet, 30 two-bedroom/one-bathroom units with 927 rentable square feet and 30
two-bedroom/two-bathroom units with 987 rentable square feet. Amenities include
on-site laundry facilities, fitness center, business center, resident lounge
with community kitchen and a sparkling swimming pool.
“The St. Petersburg real
estate market remains strong,” says Regan. “Due to the low inventory but yet
very high demand, investors are continuing to see the benefit of renovating
assets which is demanding rental increases.”
For a complete copy of the company’s news release,
please contact:
Richard D. Matricaria
First Vice President /
Regional Manager
Tampa, FL
(813) 387-4700
No comments:
Post a Comment