Marcus & Millichap Handles $3.73 Million Sale of 46-Unit The Park at Glen Oaks Apartments in Clearwater, FL

 

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.

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.

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:

Whitney Davis
Marketing Coordinator
Marcus & Millichap 4030 W. Boy Scout Boulevard Suite 850 Tampa, FL 33607 (813) 387-4700 main (813) 387-4743 direct (813) 387-4710 fax whitney.davis@marcusmillichap.com
Follow us on:        NYSE: MMI

 www.MarcusMillichap.com

or

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

HFF announces sale of Willow Creek Corporate Center in Redmond, WA

Michael Leggett

SEATTLE, WA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Willow Creek Corporate Center, a seven-building, Class A office park in the thriving tech submarket of Redmond, Washington.

The HFF team represented the seller, and procured the buyer, Preylock Real Estate Holdings.

Willow Creek Corporate Center comprises 421,785 square feet spread across seven fully leased buildings.  The campus is located in the supply constrained North Redmond submarket of Seattle, just minutes from Microsoft’s world headquarters. 

David Otis

The HFF investment advisory team representing the seller included Michael Leggett, Dave Otis, Logan Greer and Kevin Freels.

Preylock Real Estate Holdings are owners, operators and developers of commercial and residential real estate primarily located on the West Coast.

 They utilize a relative value approach to real estate investing, identifying unique investment opportunities in highly targeted, supply constrained markets.

Logan Greer

Generally, they seek to acquire assets that trade at a discount to replacement cost and/or comparable assets in neighboring sub-markets. The company is currently focused on the acquisition of value-add and core plus office buildings in major West Coast sub-markets.

Kevin Freels

 Preylock’s sponsors have a combined 26 years of commercial real estate investment experience, including experience with institutional real estate investment partners.

To date, Preylock has acquired assets totaling approximately two million square feet, investing approximately $700 million. 

For more information, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

preylockholdings.com.