Marcus & Millichap Arranges Sale of Citrus Grove Apartments in St. Petersburg, FL for $2.4 Million

  

 ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Citrus Grove Apartments (top left photo), an 84-unit, HUD subsidized apartment property located in St. Petersburg, Florida, according to Richard D. Matricaria (middle left  photo), regional manager of the firm’s Tampa office. The asset commanded a sales price of $2,400,000.

Casey Babb (middle right photo), a CCIM and senior multifamily specialist and Luis Baez, multifamily specialist 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 partnership, was also secured and represented by Babb and Baez.

Citrus Grove Apartments was built in 1971 and is located at 731 15th Street South.   This 100 percent Project-Based, Section 8, affordable housing property is situated on 3.16 acres and comprises seven three-story, concrete block apartment buildings with pitched shingle roofs. 

Amenities include: semi-private breezeway entries, fully-appointed kitchens with electric appliances and window-unit air conditioning units.

“Over the years, Citrus Grove had evolved into a problem property plagued by high crime and poor living conditions,” adds Babb. 

“HUD and the city of St. Petersburg were determined to see a change of ownership.  After an exhaustive two-and-a-half-year process, we were able to help make that happen.

. “The incoming owner is planning a half-million dollars’ worth of immediate capital improvements, which is a huge sum for a property of this size.  Improvements will consist of new roofs, new central HVAC systems, improved security, improved landscaping, and more.

“ More importantly, the criminal element is going to be systematically removed so that the good residents at Citrus Grove can finally benefit from much improved living conditions”.

Press Contact:  Richard D. Matricaria, Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Facilitates Sale of Andover Bay Townhomes for $1 Million in St. Petersburg, FL

ST. PETERSBURG, FL, May 16, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Andover Bay Townhomes (top left photo), an 18-unit townhome subdivision located in St. Petersburg, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.

The asset commanded a sales price of $1,000,000.

Casey Babb (middle right photo), a CCIM and senior multifamily specialist, and Luis Baez (lower left photo), multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a partnership.  The buyer, a limited liability company, was secured and represented by Babb and Baez.

Andover Bay Townhomes is located at 7450 39th Place North.  This is a partially completed, 45-lot townhome subdivision.  The developed townhome units consist of five two-bedroom/two-and-a-half bath units at 980 square feet and 13 three-bedroom/two-and-a-half bath units at 1,400 square feet.  The ready-to-build lots will yield seven additional two-bedroom/two-and-a-half baths and 20 three bedroom/two-and-a-half bath townhomes.

“Andover Bay presented serious challenges due to construction defects that were uncovered during due diligence” comments Babb.  “At the final price however, it was a win-win situation for both the buyer and the seller.  The buyer plans to rehab the existing units, build out the vacant lots and hold the property as a rental until the ‘for-sale’ housing market improves” adds Babb.

Press Contact:  Bryn D. Merrey, Vice President/Regional Manager, Tampa

(813) 387-4700

ARA Announces Prime Downtown St. Petersburg, FL Multifamily Development Project

 St. Petersburg, FL (April 30, 2012) — Osprey S.A., Ltd retained theš Tampa office of Atlanta-headquartered ARA to arrange the sale of their 2.88-acre site located at 330 Third Street in downtown St. Petersburg, FL.

American Land Ventures, based out of Miami, Florida, was selected by Osprey to proceed with plans to develop the site, with a project consisting of 340+/- luxury apartments and parking facilities. ššš

 The property is ideally located at the northwest corner of 3rd Street South and 4th Avenue South.š It is adjacent to the University Village Shopping Center which is anchored by a high volume Publix grocery store.

ARA’s Tampa-based Senior Vice President, Patrick Dufour (middle left photo), and Boca Raton-based Principal, Richard Donnellan (top right photo), represented the seller.

 “The site has four million square feet of office space located within one mile of the property, and is only five blocks away from -- and within walking distance to -- Bayfront Medical Center and All Children’s Hospital, which combined employ more than 5,000 people,” stated Donnellan.

According to Dufour, who lives in St. Petersburg, “The property provides a unique walkable lifestyle and is located within blocks of the downtown waterfront, multiple museums, sporting venues, theaters as well as several restaurants and shops. This is truly irreplaceable real estate, in fact, many of the units will enjoy open water views of Tampa Bay,” added Dufour.

 For additional information, contact Patrick Dufour at 813-639-7662.

To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Marti Zenor at mzenor@ARAusa.com or 561.988.8800.šš