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| Shawn Rupp |
CLEARWATER, FL – 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 The Park at Glen Oaks, a
46-unit apartment property located in Clearwater, Fla., according to Ari Ravi,
regional manager of the firm’s Tampa office. The asset sold for $3,735,000.
Shawn Rupp, Casey Babb, CCIM and Luis Baez, CCIM,
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, was secured and represented also by Rupp, Babb and Baez.
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| Casey Babb |
“This is a best-in-class property that has received complete
interior and exterior renovations within the last 36 months,´ stated Mr. Rupp.
"The seller, a billionaire couple out of California, was
looking to exit real estate completely. The buyer is a 3rd generation real
estate investor and property manager who plans to make major upgrades to the
tenant base and rents over the next 18 months of ownership,”
The Park at Glen Oaks
is a newly repositioned, 46-unit, 1970s vintage, Class B+, garden apartment
community located in Clearwater, Fla.
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| Luis Baez |
Originally constructed in 1970, interior
renovations have been completed in 43 units including railing replacement,
laundry facility upgrade, mail center upgrades, renovation of the on-site
leasing office, exterior paint, unit electrical panel replacement, landscaping,
bike racks, parking lots, curb concrete work and exterior stonework.
The Park at Glen Oaks is a short bike ride to Downtown Clearwater
and less than a 30-minute commute to Tampa’s top employment center, the
Westshore Business District.
The property is also equal
distance to St. Petersburg with easy access to the major employers of the area.
The Park at Glen Oaks is located at 311 South Betty Lane in Clearwater, Fla.
For
more information, please contact:
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Whitney Davis
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Marketing Coordinator
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Follow us on:
    NYSE: MMI |
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or
Ari Ravi
Regional
Manager, Tampa
(813)
387-4700
