Tuesday, October 12, 2010

Marcus & Millichap Sells 19-Unit Apartment Building in St. Petersburg, FL

ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Savannah Apartments (top left photo), a 19-unit apartment property located in St. Petersburg, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

 The asset commanded a sales price of $450,000.

Casey Babb (middle right photo), CCIM and senior associate in Marcus & Millichap’s Tampa office, acted as a transaction broker and facilitated the sale on behalf of the seller, a Miami-based financial institution and the buyer, a private, local investor.

Savannah Apartments was built in 1966 and sold near the height of the real estate market for nearly $1,200,000.  Most recently, the property had fallen into disrepair before being foreclosed earlier this year and was only 16 percent occupied as of the October rent roll.  

“This transaction is indicative of what we’re seeing in the marketplace,” says Babb.

 “Lenders are becoming more aggressive in foreclosing against delinquent and all-cash buyers and are able to purchase fundamentally sound real estate at a fraction of the previous sale price.

“In this case, the buyer will put the necessary cash into the property to stabilize operations and either hold for cash-flow or sell the asset.”

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

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