Thursday, September 6, 2018

Marcus & Millichap Arranges $845,000 Sale of nine-unit East Bay Drive Apartments in Largo, FL


1460 East Bay Drive Apartments, Largo, FL

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.

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.

Michael Donaldson
1460 East Bay Drive Apartments are in Pinellas County – Florida’s most densely populated county in the state. Pinellas County has over 38,000 businesses with the top key sectors in health services, tourism, manufacturing and financial services.

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



No comments:

Post a Comment