Monday, March 28, 2011

Marcus & Millichap Sells 41-unit apartment property in St. Petersburg, FL for $1.050 Million

ST. PETERSBURG, FL, Mar.  28, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Welk Arms (top left photo), a 41-unit apartment property located in St. Petersburg, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,050,000.

Michael P. Regan (middle right photo), an associate vice president investments, Francesco P. Carriera (middle left photo), a senior associate and Nicholas Meoli (lower right photo), a multifamily investment specialist all based in the Tampa office, had the exclusive listing to market the property on behalf of the seller, a financial institution based in California. 

The buyer, a limited liability company, was secured and represented by Regan, Carriera and Meoli.

Welk Arms was built in 1971 and is located at 4701 68th Street North, a few miles northwest of downtown St. Petersburg.  The property is concrete block constructed and offers both one and two-bedroom floor plans.

This garden-style community consists of six single-story buildings on approximately 2.5 acres. 

“Despite the buildings’ challenges, we were still able to generate multiple offers and close within the time frames under the original contract,” says Carriera

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

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