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| 90-Unit Serenity Creek Apartments, 4201 49th Street North, St. Petersburg, FL |
ST PETERSBURG, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Serenity Creek, a 90-unit apartment property located in St. Petersburg, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $10,725,000.
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| Casey Babb |
Casey Babb, CCIM, Luis Baez, CCIM and Shawn
Rupp, 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 was also secured and represented by the three brokers.
“This asset was truly turn-key and was
generating average rents of approximately $1,200 per month at the time of sale,”
said Rupp.
“Our marketing campaign generated 12 written
offers and the deal closed in less than 60 days from contract execution without
re-trade,” added Babb.
Serenity
Creek is located at 4201 49th Street North in St Petersburg, Fla.
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| Luis Baez |
Built in the 1980s, Serenity Creek received a major
rehab in 2007 and, over the past 18-months, the current ownership has invested
another $2 million into the asset enhancing units, property exteriors and
common area amenities.
The property consists of 3.19 acres featuring a mix of mature
and new landscaping and resident amenities including a sparkling swimming pool
with sundeck, multiple outdoor lounge areas with fire pits and barbecue
grilling areas.
Also, a central clubhouse,
mail kiosk and leasing center and a large on-site laundry center. Units are a mix
of one-bedroom/one-bath, two-bedroom/one-bath and two-bedroom/two-bath and are
housed in seven two-story, concrete block buildings with exterior breezeways
and pitched shingle roofs.
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| Shawn Rupp |
Roughly one-third of the units (33 of 90) were recently
rehabbed to condo grade with all new vinyl plank flooring, raised panel
interior doors, kitchens, baths and light/fan/window blind fixtures.
Kitchens feature new custom white shaker style cabinets,
counter tops, appliances, dishwashers and/or in-unit clothes washer/dryers and
bathrooms feature the same cabinet/counter tops and new tile tub surrounds.
Another 55 units have been renovated with similar finishes
throughout but with older style cabinets.
About Marcus & Millichap (NYSE: MMI)
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| Grant Fitzgerald |
With nearly 2000 investment sales and financing
professionals located throughout the United States and Canada, Marcus &
Millichap is a leading specialist in commercial real estate investment sales,
financing, research and advisory services.
Founded in 1971, the firm closed 9,472 transactions in
2018 with a value of approximately $46.4 billion.
Marcus & Millichap has perfected a powerful system
for marketing properties that combines investment specialization, local market
expertise, the industry’s most comprehensive research, state-of-the-art
technology, and relationships with the largest pool of qualified investors.
CONTACTS:
Grant Fitzgerald
Sales Manager, Tampa
(813) 387-4700
Whitney Davis
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Marketing
Coordinator
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