Marcus & Millichap Sells 201-Unit Apartment Building in St. Petersburg, FL

ST. PETERSBURG, FL, Jan.6, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Spring Lake Village and Edgewater Apartments, a 201-unit apartment property located in St. Petersburg, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset sold for an undisclosed price.

Michael P. Regan (top right photo), an associate vice president investments, Francesco P. Carriera (top left photo), a senior associate and Nicholas Meoli (middle right photo), a multifamily investment specialist all based in the Tampa office, represented the buyer, a private investor based out of Florida. 

Spring Lake Village and Edgewater Apartments is located at 6401 31st Street South. 

“Despite several issues that arose during the due diligence period, we closed the deal at the contract price.  It was a great deal for both parties.  There is a lot of money chasing deals in today’s market and with our buyer pool, we don’t have enough product to sell” says Carriera.

 Hidden River Grande Apartments in Tampa, FL Sells for $4 Million

TAMPA, FL, Jan. 6, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Hidden River Grande (middle left photo), a 220-unit apartment property located in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $4,075,000.

Michael P. Regan, an associate vice president investments and Francesco P. Carriera, a senior associate both based in the Tampa office, had worked on behalf of the buyer, a private investor based out of South Florida.

 “Hidden River Grande exemplifies an ‘add value asset’.  There were 91 down units with 61 of them needing significant rehab work.  We have seen a tremendous amount of interest in this quality of an asset, attracting both long and short term owners,” commented Regan.

Hidden River Grande is located at 8024 Hidden River Grande. 

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