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 Overbrook, a 12-unit apartment property located in Largo, FL, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $880,000.
Shawn Rupp, Casey Babb, CCIM and Luis Baez, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Shawn Rupp, Casey Babb, CCIM and Luis Baez, CCIM.
“This property is in an excellent location, but in need of major interior and exterior renovations in order to get market rents. We had been working with the owners for several years helping them control their expenses during their hold period. Through our team’s unique marketing approach, we were able to help the owners reach pricing above their expectations in a shorter time than promised. Within just a few weeks we were able to generate multiple offers for this asset with the winning buyer at 99% of list, all cash, and no inspection period,” said Rupp.
Originally built in 1969, Overbrook has been well maintained under the current 12-year ownership. This boutique-sized community consists of one, two-story, concrete block building with pitched-shingle roofs on a quiet 0.37-acre site which features off-street parking and mature landscaping. Units are a mix of one bedroom / one bath and two bedroom / one bath units averaging 776 square feet and featuring central air and private porches in all units.
Overbrook enjoys an excellent location in Largo, Florida which is in the heart of Pinellas County and less than one mile from the Gulf of Mexico and nearby beaches. Residents are within walking distance to entertainment, dining and medical centers and have access to on-site laundry facilities and a room for amenities.
Overbrook is located at 2101 West Bay Drive in Largo, Fla.
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 over 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
