Marcus & Millichap Arranges $7.8 Million Sale of 102-Unit Apartment Building in St. Petersburg, FL

Casey Babb

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 Waterside Village, a 102-unit apartment property located in St. Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $7,800,000.

The buyer, a private investor based in Largo, FL, was secured and represented by Luis Baez, CCIM, Casey Babb, CCIM, and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office.

Luis Baez

“The buyer, who had existing holdings in the submarket, was attracted to the size of the property and the upside potential which will be born out of a moderate repositioning of the unit interiors and common area amenities”, says Babb. 

“The seller accepted the offer to purchase based on the strength of the buyer as well as the attractive deal terms which called for a 14-day due diligence period and a closing within 60 days with no financing contingency”, added Baez.
The Waterside Village community is in the city of St. Petersburg, within Pinellas County, the most densely populated county in the state of Florida. It is near several major employers. 

Shawn Rupp

The residents enjoy a number of local amenities along with beach access within a short drive. Waterside Village is located at 3600 49th Avenue North in St. Petersburg, Florida.

For more information, please contact:

Crystal Marino,

Crystal.Marino@marcusmillichap.com

             
or                                                

Ari Ravi

Regional Manager, Tampa

(813) 387-4700