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

Marcus & Millichap Sells 44-Unit Apartment Building in DeLand, FL

DELAND, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Penn Oaks, a 44-unit apartment property located in DeLand, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

 The asset commanded a sales price of $578,000.

Michael Donaldson (top right photo), a multifamily investment specialist in Marcus & Millichap’s Tampa office represented the buyer, a Florida based private investor who purchased the asset from a financial institution based out of Delaware. 

Penn Oaks was built in 1974 and is located at 315 West Pennsylvania Avenue. The property consisted of a majority of two-bedroom units and was recently foreclosed on by the first mortgage holder.

“This transaction represented an excellent opportunity for a local apartment owner with a large presence in the area to capitalize on an asset that had dwindling operations, due to the recent foreclosure”, said Donaldson.

 “With close proximity to Stetson University and downtown DeLand, this is an ideally located property that can be stabilized to market occupancy levels, through hands-on management and completion of necessary renovations” added Donaldson.

 Manufactured Home Communities in Hudson, FL sold for $800,000

HUDSON, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Old Dixie Highway RV (middle left photo), a manufactured home communities property on 2.26 acres, located in Hudson, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded the full offering price of $800,000.

Benjamin Roddey (middle right photo), a manufactured housing and RV communities’ specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Florida-based seller, a limited liability company.

 The buyer, a limited liability company out of Key West, Florida, was secured and represented by Luis Baez (lower left photo), an investment specialist in the firm’s Tampa office. 

 Old Dixie Highway RV is located at 13914 Old Dixie Highway.  This is an all-age, park-owned rental community originally developed around 1963. The community is situated approximately five minutes from State Road 52 and is within walking distance to beautiful Hudson Beach.

“This property was a turnkey operation and closed at a +15 percent capitalization rate, with cash flow returns in the high teens upon title transfer” said Baez.

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