Marcus & Millichap Arranges Sale of 37,358-SF Seniors Housing Property in Lake City, FL for $7.4 Million

Krone Weidler

LAKE CITY, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of WillowBrook Assisted Living, a 37,358-square foot seniors housing property located in Lake City, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $7,400,000.

Krone Weidler, associate vice president investments and L.J. Tsunis, associate in Marcus & Millichap’s Tampa office, represented both parties in this transaction.

WillowBrook Assisted Living is located at 1580 South Marion Avenue in Lake City, Florida.  The 37,358-square foot building is situated on approximately 5.2 acres of landscaped land that includes a gazebo and a pond.  Built in 2000, with an addition added in 2004 and 2007, WillowBrook is one of the newer assisted living facilities in north central Florida.

L.J. Tsuni

“We received multiple offers from our buyer base around the country and in the end, an LLC out of Ohio purchased the asset,” says Ms. Weidler.  “This is a great example of the interest buyers have in a high quality seniors housing product.” 

“Class A products in Class A locations with a private pay resident base are in high demand,” adds Ms. Weidler. “Initially, Willowbrook was sold in April 2013 for $6,700,000 and less than 15 months later, the same asset sold for $7,400,000.”

For a complete copy of the company’s news release, please contact:

Richard D. Matricaria

Vice President/Regional Manager

 Tampa, FL

(813) 387-4700

HFF arranges $29 million financing for multi-housing property in Tampa, FL area

Mona Carlton

MIAMI, FL – HFF announced it has arranged $29 million in financing for Summer Palms, a 340-unit, garden-style multi-housing community in Riverview, Florida.

                HFF worked on behalf of the borrower, an entity controlled and managed by Beachwold Residential, to secure the 36-month, bridge/acquisition loan through GE Capital Real Estate. 

Summer Palms is located at 10220 Summer Palm Drive between Interstate 75 and U.S. Highway 301 near Big Bend Road in Riverview, approximately 20 miles southeast of downtown Tampa. 

Completed in 2001, the property is 95 percent leased and includes one-, two-, three- and four-bedroom floor plans averaging 1,142 square feet each. 

Elliott Throne

Community amenities include a swimming pool, fitness center and clubhouse with social area.  The borrower is further enhancing the asset to take advantage of the upcoming increase in local demand once the St. Joseph’s Hospital South, a new $225 million hospital, opens in 2015 across the street from the asset.

The HFF debt placement team representing Beachwold was led by senior managing director Mona Carlton, managing director Elliott Throne, associate director Todd Adams, real estate analyst Maxx Carney, as well as director Michael Tabor, who is based in HFF’s local Tampa office.

“Beachwold has been finding strong value-add opportunities to buy in the Florida market and has repositioned them with great success,” stated Throne. 

  “On Summer Palms, they were able to take advantage of a very aggressive bridge financing market where the cost of capital keeps decreasing and the overall terms keep getting more favorable for borrowers.  

Todd Adams

The loan from GE will allow them to offer a great updated product for both existing residents and new residents who are coming into the market due to the arrival of the area’s new hospital.”

Beachwold Residential and its principals have built, owned and managed multifamily properties for 40 years. 

  Through the company’s vast operational and ownership experience, in depth knowledge of its target markets and long-lasting relationships with brokers, lenders and property managers, Beachwold Residential is able to identify and acquire undervalued assets that offer superior long-term returns and lower than average risk.  

The company presently controls more than 40 properties and more than 10,000 multifamily units in Connecticut, Texas, Florida, Louisiana, New Jersey, Maryland, Tennessee and Virginia

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Lodging Econometrics Reports U.S. Pipeline Posts Double-Digit Year-over-Year Gains for Third Consecutive Quarter

  

PORTSMOUTH, NH -- The Construction Pipeline continued its upward momentum in Q2 14, posting a double-digit gain Year-Over-Year (YOY) for the third consecutive quarter. At Q2 14 the Pipeline Stands at 3,311 Projects/ 421,387 Rooms, an increase of 17% by Projects and 20% by Rooms YOY. The Pipeline has been increasing for the past nine quarters off the bottom established in Q1 2012.

For a complete copy of the company’s news release, please contact:

Jennifer McLynch

Marketing Communications Manager

Lodging Econometrics

jmclynch@lodgingeconometrics.com

P: +1 603.431.8740, ext. 16

F: +1 603.431.4418

www.lodgingeconometrics.com

  

SR Commercial Acquires Two Commercial Assets Totaling $51 Million in San Diego County, CA

  

SR Commercial Portfolio, Miramar, CA

 SAN DIEGO, CA – SR Commercial has acquired two commercial assets encompassing nearly 300,000 square feet and totaling over $51 million of total capitalization in San Diego County.

 The company’s recent acquisitions include a 235,472 square-foot portfolio of office, industrial and retail product in Miramar, Calif.; and a 62,814 square-foot industrial/Flex project in San Diego, Calif., according to Adam Robinson, a Principal at SR Commercial.

“Competition continues to climb for high-quality investment product in San Diego County,” explains Robinson, who founded SR Commercial along with partner CJ Stos. “Limited opportunities combined with strong tenant demand is beginning to drive rental rates upward in both office and industrial markets.  The result is that investment properties on the market today are poised to deliver deep value to those investors who are able to secure product.”

SR Commercial Portfolio, San Diego County, CA

Robinson notes that SR Commercial has acquired over a million square feet of investment product in the past 24 months, and plans to continue to invest in large properties and portfolios throughout San Diego, Orange County, Los Angeles, and the Inland Empire.

SR Commercial’s two most recent acquisitions include:

Acquisition 1: Mark II Portfolio in Miramar, Calif.

SR Commercial acquired the Mark II Portfolio, a 235,472 square foot, high-quality portfolio of office, industrial and retail product in Miramar, Calif. for $40 million fully capitalized.

 The portfolio, which encompasses nearly 15 acres of land, is located near the intersection of Interstate 15 and Miramar Road in Miramar, Calif. and consists of eight single and multi-tenant industrial buildings, five multi-tenant office buildings, and one retail/showroom building that is currently fully occupied by 24 Hour Fitness.

Adam Robinson

Acquisition 2: Morena Business Center in San Diego, Calif.

SR Commercial also recently acquired the Morena Business Center, a 62,814 square-foot industrial property in San Diego, Calif., for $11 million fully capitalized.

The property was 74 percent occupied when acquired.

SR Commercial plans to renovate the vacant units, creating a more modern build-out with polished concrete floors and exposed ceilings. Additional improvements to the project will include new exterior paint, awnings, and signage, as well as updated landscaping. 

“We are experienced in transforming industrial product into more creative spaces that are aligned with the demands of today’s tenants,” explains Stos, who notes that SR Commercial has completed similar renovations in more than seven other investment properties over the past 24 months.

  “Based on the asset’s excellent location and these modern renovations, we will have the opportunity to create deep value in this property that will support a long-term hold.”

For a complete copy of the company’s news release, please contact:

Amanda Alenick Brenner/ Jenn Quader

Brower, Miller & Cole

(949) 955-7940

Abrenner@browermillercole.com

www.sr-commercial.com.

Pompano Beach, FL Mini-Warehouse Sells For Nearly $1 Million

Jonathan Thiel

 FORT LAUDERDALE, FL -- Berger Commercial Realty, a regional full service real estate firm, announced the sale of a mini-warehouse located at 10 N.E. Ninth St. in Pompano Beach for $926,000.

 Berger Commercial Realty Senior Vice President Steve Hyatt and Sales Associate Jonathan Thiel represented 10 NE 9th Street, LLC in selling the 15,533-square-foot building to TMT Properties, Inc.

 Founded in 1981, TMT Properties is a family owned and operated real estate investment company. Its Broward portfolio consists of retail, office and industrial properties.

 The Pompano mini-warehouse was over 90 percent leased and featured 46 self-storage units at the time of its sale. It is conveniently located off Dixie Highway and Atlantic Boulevard near I-95 and Federal Highway.

For a complete copy of the company’s news release, please contact:

Marielle Sologuren

Pierson Grant Public Relations

msologuren@piersongrant.com

(954) 776-1999, ext. 226

Renovated Affordable Housing Community in Baton Rouge, LA Reopens to Residents

Michael Gaber

BATON ROUGE, LA – WNC, a national investor in real estate and community development initiatives, announced the full renovation of Renaissance Gateway, a 208-unit affordable housing community previously known as Ardenwood Park Apartments, in Baton Rouge, La., is complete.

WNC provided $10.3 million in low-income housing tax credit (LIHTC) equity to fund the project.

 With a total development cost of $28.1 million, the property was co-rehabilitated by Renaissance Gateway Associates LLC, an entity of Community Development Inc., and 4321 Associates LLC.

 “We are pleased to have played a key role in the transformation of Renaissance Gateway and in providing  quality affordable housing to the members of the Baton Rouge community that are most in need,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber.

“With the growing demand for affordable housing greatly outpacing the supply throughout the country, WNC and its development partners are committed to the preservation of existing affordable housing through the renovation of apartments such as this.”

For a complete copy of the company’s news release, please contact:

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 703

julie@spotlightmarcom.com

www.wncinc.com

.

Morningside Group and Crossroads Development Partners Break Ground on Northbrook, IL-Based Mixed-Use Development NorthShore 770

  

David Strosberg

CHICAGO,IL, Aug. 14, 2014 -- Co-developers Morningside Group and Crossroads Development Partners have broken ground on NorthShore 770, a 347-unit luxury apartment project and 101,435-square-foot retail center at 770 Skokie Blvd. in Northbrook, Ill.

 “This combination of ultra-luxury apartments and major retail will be the first-of-its-kind in the area, ushering in a unique development that will create an impressive gateway to the Village of Northbrook and set a new standard for north suburban lifestyle centers,” said David Strosberg, president and managing principal of Chicago-based Morningside Group.

“With its convenient location and best-in-class amenities, NorthShore 770 is sure to be the most in-demand luxury apartment development in the area.”

 Located at the highly-visible corner of Skokie Boulevard and Dundee Road, with immediate access to Interstate 94 and close to popular attractions like Ravinia and the Chicago Botanic Garden, the public/private partnership mixed-use development is scheduled to open its retail component in summer 2015 and the luxury apartments in winter 2016.

For a complete copy of the company’s news release, please contact:

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

Kim Manning, kmanning@taylorjohnson.com, 312-267-4527                                

Charles Dunn Co. Completes $4 Million Sale of Industrial/Office Property in Thousand Oaks, CA

John Anthony

 LOS ANGELES, CA, Aug. 14, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $4 million sale of a vacant 36,000-square-foot flex property in Thousand Oaks, Calif.

John Anthony and Chris Steck with Charles Dunn Company represented the receiver in the sale of the property, while David Parker of Chase Partners, LTD represented his investment group in the acquisition of the property.  Jerry Wang was the receiver on the property which was in foreclosure by Bank of America.

Built in 2003, the asset is located near the 101 and 23 freeways at 2610 Conejo Spectrum and is situated within a master-planned, 100-acre business park. The flex property has approximately 8,500 square feet of office space with the balance being open warehouse.

“The new ownership is already in negotiations with several tenants,” said Anthony. “With the strong demand for this type of space in a quality building within this submarket, the expectation is to have the property leased very soon.”

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

HFF arranges $290 million construction loan for The Surf Club Four Seasons Private Residences and Hotel in Surfside, FL

Surf Club Four Seasons Private Residences and
 Four Seasons Hotel, 9011 Collins Avenue North
Surfside, FL

MIAMI, FL - HFF announced it has arranged a $290 million construction loan for the development of The Surf Club Four Seasons Private Residences and Four Seasons Hotel in Surfside, Florida, which will include 151 residential units, 77 hotel rooms, and luxury retail and restaurant space. 

HFF worked on behalf of the borrower, SC Property Acquisitions, LLC, an entity controlled by Fort Capital Management, to secure the construction loan through The Blackstone Group’s Debt Strategies Fund.

The Surf Club is located at 9011 Collins Avenue with more than 900 linear feet of Atlantic Ocean frontage and is within walking distance of the world famous Bal Harbour Shops.

 Situated on three parcels of land totaling approximately 8.7 acres, the resort will be centered around the meticulously renovated Mediterranean building, which has housed The Surf Club since its inception in 1930, playing as home to luminaries from Elizabeth Taylor to Winston Churchill for more than eight decades. 

Jim Dockerty

Complementing the clubhouse will be three modern 12-story glass towers designed by Pritzker Prize-winning architect Richard Meier consisting of condominium and hotel space and two four-story buildings dedicated to condominiums, retail and parking.

 The project will be completed in 2016.  Four Seasons Hotel amenities will include a fine dining restaurant, 15,000-square-foot Four Seasons spa, resort-style swimming pools, fitness centers and beach cabana lounge areas. 

The HFF team representing the borrower was led by managing director Jim Dockerty and senior real estate analyst Scott Wadler. 

Blackstone was represented in the transaction by Michael J. Barker, Esq. of Fried, Frank, Harris, Shriver & Jacobson LLP, and Luis Flores, Esq. of Arnstein & Lehr LLP. 

Fort Capital was represented by William G. McCullough, Esq. and John F. Halula, Esq. of Holland & Knight LLP.

According to Dockerty, “With USD $1.2 billion of inventory and more than 60 percent of the residences already sold, the project is on track to have the largest sellout in the history of luxury residential real estate for a project in South Florida.”

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF secures financing for 401 North Michigan Avenue in Chicago, IL

401 North Michigan Avenue
Chicago, IL

CHICAGO, IL – HFF announced it has arranged financing for 401 North Michigan Avenue, a 35-story, 758,131-square-foot Class A office tower along Chicago’s “Magnificent Mile”.

                HFF worked exclusively on behalf of Zeller Realty Group (“ZRG”) to secure the five-year, floating-rate loan through Blackstone Mortgage Trust.  Loan proceeds are being used to enhance the property over the next three years. 

                401 North Michigan Avenue is located along The Chicago River adjacent to the Chicago Tribune Tower, the downtown campus of the University of Chicago’s Booth School of Business/Gleacher Center and the Wrigley Building. 

Express buses from both Union and Ogilvie train stations serve the property; and given its location at Michigan Avenue and the Chicago River, the property boasts some of the most breathtaking views in downtown Chicago. 

The property was originally built in 1965 and is 81 percent leased to tenants including Kraft, University of Chicago, MTV, and several significant family offices and fund managers.

Mike Kavanau

 Building enhancements include a new lobby; a 19th floor amenity package featuring a tenant lounge with Wi-Fi, fireplace, coffee station, and training and boardrooms; a new river and street level restaurant concept, and a fitness center.

                The HFF debt placement team representing the borrower was led by senior managing directors Mike Kavanau and Dave Keller and managing director Christopher Carroll.

                “401 North Michigan Avenue is one of the most iconic towers in Chicago, consistently featured as the center of the city in print and television,” said Kavanau. 

“With the renovation of Wrigley, expansion of Northbridge, new addition of luxury hotels, and filling in of the ‘missing link’ of Michigan Avenue south of the River, 401 North Michigan Avenue is effectively the new nexus of the city,” added Carroll.

“It is exciting and rewarding to be once again entrusted with the assignment to recapitalize 401 North Michigan, an asset that HFF financed with Zeller Realty Group’s acquisition in 2001,” said Keller.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.zellerrealty.com.

www.bxmt.com.

Tampa Bay-Area Multifamily Complex Sells for $18 Million

Bay Pointe Apartments, Largo, FL

LARGO, 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 Bay Pointe Apartments, a 417-unit apartment complex in Largo, Fla. The $18 million sales price equates to $43,165 per unit.

            Francesco Carriera and Michael Regan, vice presidents investments in Marcus & Millichap’s Tampa office, represented the seller and the buyer.

“Bay Pointe Apartments is located within a 10-minute drive of two of Clearwater’s key business districts, Gateway and Carillon,” says Carriera.

Francesco Carriera

“Average apartment occupancy in the area is 96 percent. Largo received a 5.1 percent increase in occupancy between the second quarter of 2013 and the second quarter of 2014,” adds Carriera.

 “This was the highest increase in all of the Tampa Bay Area’s submarkets.”

“The complex is well positioned to display strong performance in the immediate future and will grow in the long term by taking advantage of the area’s improving market and quarterbacking off the development of new Class A multifamily product in the immediate area,” notes Regan.

The property is located on approximately 21 acres at 2770 Roosevelt Blvd. in Largo, Fla., four-tenths of a mile east of U.S. Highway 19 and within two miles of the St. Petersburg-Clearwater International Airport.

Bay Pointe Apartments features 52 two-story residential buildings, a one-story laundry facility and a one-story leasing office and laundry facility. The unit mix is 240 one-bedroom/one-bath apartments and 177 two-bedroom/one-bath units.

Michael P. Regan

In 2013, the property received exterior capital improvements that included new roofs on two buildings, the replacement of nine staircases, the repainting and resealing of the parking lot and new paint on 12 of the residential buildings.

Select first floor unit interiors received new vinyl flooring. Shared amenities include a tennis court, a business center and two swimming pools.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

Marcus & Millichap Capital Corporation

(925) 953-1716

$25.6 Million Acquisition Loan Arranged by Marcus & Millichap Capital Corp. in Doylestown, PA

John Banas

DOYLESTOWN, PA – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $25,687,000 loan for the purchase of a 350-unit high-rise in Doylestown, Pa.

John Banas and Kristopher Wood, senior directors in MMCC’s Philadelphia office, arranged the loan.

            “MMCC provided the borrower with a range of options for obtaining the capital necessary for this purchase. An agency lender proved to be the best fit,” says Banas.

“The new owner will continue to convert the building from primarily seniors housing to market-rate multifamily and plans to streamline operations and enhance the asset with additional apartments or more community amenities,” adds Wood.

            The 10-year loan amortizes over 30 years. The interest is fixed at 4.41 percent and the loan to-value is 80 percent.

Kristopher Wood

            “Kris and John are among our most experienced finance professionals,” comments John Wilcox, MMCC’s vice president, East Coast capital markets.

 “Their work on this transaction exemplifies their consultative approach: identifying the client’s needs and matching them with the capital source that offers the most compelling terms.”

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

Marcus & Millichap Capital Corporation

(925) 953-1716

Franklin Street Capital Advisors Launches Mezzanine Lending Program

Danny York

ATLANTA, GA — Franklin Street Capital Advisors (FSCA) has launched a proprietary small-balance mezzanine loan program. In addition to offering direct mezzanine loans, FSCA also specializes in the placement of first mortgage debt and equity solutions.

 “With the amount of CMBS debt maturing during the next couple of years, we saw an opportunity to provide sophisticated investors a solution in the event of a refinance shortfall,” said Danny York, president of FSCA.

 “There are very few institutions providing small balance mezzanine loans. Our platform and infrastructure allows us to provide this type of product, where others may be unable to.”

 FSCA is interested in providing mezzanine loans for all property types, with an emphasis on multifamily and retails, in the Southeast.

The small balance mezzanine loan program features loans of $500,000 to $5 million; terms of three to five years; and carries interest rates of 12 to 15 percent, depending on the quality of asset, the sponsor, the loan-to-value ratio and the debt-service coverage ratio.

 FSCA works with clients to develop, optimize and implement plans that enable them to achieve more, retain more and profit more by taking a proactive and knowledgeable approach to arranging debt and equity for income-producing real estate investments.

For a complete copy of the company’s news release, please contact:

Savannah Duncan • The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

O: 404-343-0870  • M: 404-901-4433

thewilbertgroup.com

www.FranklinSt.com.

JLL Secures Benchmark Tenant Lease at Airport I-10 Business Park in Phoenix, AZ

PHOENIX, AZ – Wentworth Property Company/Clarion Partners and the Phoenix office of JLL have secured a benchmark 63,000-square-foot tenant lease commitment this week at Airport I-10 Business Park—one of the largest Sky Harbor Airport-area speculative industrial developments in Phoenix history.

The lease, made by Illinois-based Anixter International, Inc., fills almost half of Airport I-10’s “Building E” months before anticipated shell construction completion.

Pat Harlan

JLL Executive Vice Presidents Pat Harlan and Steve Sayre, and JLL Associate Kyle Westfall represented the building owner. John Werstler, Jerry McCormick and Cooper Fratt of CBRE represented Anixter.

“It is rare in today’s Phoenix industrial market to secure lease commitments on a spec property that’s still under construction—before tenants can physically see and touch the space,” said Harlan.

“The fact that Anixter has signed on at Airport I-10 at this early stage speaks volumes. It is a welcome post-recession event and a strong statement about the caliber of the project and our industrial market as a whole.”

“We are extremely pleased to welcome Anixter,” said Wentworth Property Company Principal James R. Wentworth.

“A commitment by such a large, well respected company confirms Airport I-10 Business Park as the preferred airport location for corporate users. It also underscores the ongoing need for new, high quality industrial product in the Airport submarket.

Steve Sayre

“This area continues to rank among Phoenix’s top industrial locations but has an extremely limited supply of land.”

Located at the northwest corner of 24th Street and Rio Salado, Airport I-10 Business Park represents the last large, developable parcel left in the Sky Harbor International Airport submarket.

Phase I includes three Class A industrial buildings totalling more than 600,000 square feet (277,954 square feet, 169,109 square feet and 156,000 square feet). This portion of the project is slated for completion in fall 2014.

For more insight from Harlan, visit http://bit.ly/1ps2sgj.

According to JLL research, while there is limited inventory of modern industrial space within the Sky Harbor Airport submarket, demand continues to climb. 

Of the 40 million square feet of industrial space in the submarket, only 218,052 square feet was built in 2009 or later. Yet in 2013, the Airport submarket still represented almost 30 percent of the more than 3.5 million total square feet of industrial space absorbed Valley-wide.

Kyle Westphall

At build out, the 58-acre Airport I-10 property will include five Class A industrial buildings totalling 920,584 square feet, with a modern environment for corporate users and fully equipped with state-of-the-art features such as ESFR sprinkler systems, 30- to 32-foot clear heights, cross-dock loading and 140- to 200-foot truck courts.

Anixter International, Inc. is a leading global distributor of enterprise cabling and security solutions, electrical and electronic wire and cable, and OEM supply fasteners and other small parts. It operates approximately 210 warehouses in more than 250 cities and more than 50 countries.

For a complete copy of the company’s news release, please contact:

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Marcus & Millichap Brokers $4.8 Million Sale of Bay Point Villas Apartments in St. Petersburg, FL

Bay Point Villas Apartments, 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, announced the sale of Bay Point Villas Apartments, a 136-unit multifamily community located in St. Petersburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

 The $4,800,000 sales price equates to $35,294 per unit.

Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, and Evan P. Kristol and Still Hunter III, senior vice president investments in the firm’s Ft. Lauderdale office, represented both parties in the transaction.

Michael P. Regan

Bay Point Villas Apartments were built in 1972 and are located at 2150 62nd Terrace South in St. Petersburg, Florida. 

The property consists of seven, two-story residential buildings and a one-story building that serves as the leasing office, clubhouse and laundry facility.

 The residential buildings are comprised of 76 one-bedroom/one-bathroom units, 30 two-bedroom/one-bathroom units and 30, two-bedroom/two-bathroom units.  All units have central heating and air-conditioning and the buildings are situated on approximately an 8.64-acre parcel of land.

In 2014, the property received capital improvements which included a remodeled clubhouse and new brick pavers around the pool area.  Amenities include an on-site laundry facility and management office, a clubhouse and a sparkling swimming pool. 

“Bay Pointe Villas was a stabilized asset with room to raise rents through the continued improvement of unit interiors,” says Regan. 

“The Pinellas Pointe submarket seems to be on the rise with the renovation of Mariners Pointe and new, single-family homes being built in the market,” concludes Regan.

For a complete copy of the company’s news release, please contact:

 Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700