By Evelyn Jozsa
Marcus & Millichap has arranged the sale of 158 units of Park Village, a 160-unit property in Largo, Fla., for $20.4 million or approximately $130,000 per unit. The company represented the seller, a private owner and procured the buyer as well.
“The acquisition of Park Village gives new ownership the ability to capitalize on a fully renovated, stabilized and efficient asset,” said Frank Carriera, senior managing director at Marcus & Millichap, in prepared remarks.
At 11300 66th Street North, Park Village is located near major employment centers, such as the Gateway and Carillon business districts. The area offers shopping and entertainment options as well, the property is situated 10 minutes away from Largo Mall and The Shoppes at Park Place. Completed in 1984, the 10 two-story buildings occupy approximately 10 acres. In the past two years, the property was upgraded. Park Village features two-bedroom units, all sized at 1,050 square feet. Community amenities include:
- fitness center
- tennis court
- swimming pool
- laundry facilities
- 320 parking spaces
“Located within minutes of major employment centers, the area’s daytime population is double that of its nighttime population, a dynamic that results in historically high demand for rental housing,” mentioned Michael Regan, senior managing director at Marcus & Millichap.
Carriera and Regan arranged the transaction on behalf of the seller and procured the buyer as well. In another recent deal, the team brokered the sale of 281 units at Oakbrook Village in Clearwater, Fla.
Image courtesy of Marcus & Millichap