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| 1460 East Bay Drive Apartments, Largo, FL |
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| Sebastion Harris |
LARGO, FL, Sept. 6, 2018 – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, today announced the sale of 1460 East Bay
Drive Apartments, a 9-unit apartment property located in Largo, Fla.,
according to Ari Ravi, regional manager of the firm’s Tampa office. The
asset sold for $845,000.
Sebastian Harris, Ned Roberts, Michael
Donaldson and Nicholas Meoli, investment
specialists 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, purchased the property as part of a 1031
exchange.
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| Ned Roberts |
The buyer was attracted to the property because of its
frontage on East Bay Drive and .3 Acres of undeveloped land on-site.
“This is another
example of the value-add opportunities investors are looking for,” said Roberts.
“At $93,888 per unit, this ended up being the highest price per unit paid for a
60’s built multifamily community in Largo history, added Harris”
Built in 1968 of concrete block construction, 1460 East Bay Drive
Apartments offers an attractive unit mix of two-bedroom/one-bath units. All
units have tile flooring and updated cabinetry.
The apartment community is within walking distance to Largo
City Hall, the Largo Police Department Headquarters and a community recreation
center.
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| Michael Donaldson |
The Pinellas County area is known for its white sand beaches
as well as being praised by Travel + Leisure Magazine as a
food and arts scene.
Contact:
Ari Ravi
Regional Manager, Tampa
(813) 387-4700
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