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 Fifth Avenue Courtyard, a 21-unit apartment property located in Saint Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,302,000.
Ned Roberts, Sebastian Harris, Michael Donaldson and Nicholas Meoli, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Ned Roberts, Sebastian Harris, Michael Donaldson and Nicholas Meoli.
The 21-unit multifamily community was built in 1958 of concrete block. It consists of 20 studio units and one two-bedroom/one-bath unit. The buyer plans extensive renovations of unit interiors. “This sale is a prime example of the value-add opportunities investors are seeking,” said Roberts. “The buyer will be renovating the property with an eye on attracting tenants who are increasingly being priced out of the downtown St. Petersburg core,” added Harris.
Fifth Avenue Courtyard is a gated community with an attractive courtyard. It is located ten blocks from vibrant downtown St. Petersburg. Fifth Avenue Courtyard is located at 865 Fifth Avenue North in St. Petersburg, Florida.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
