Marcus & Millichap has arranged the sale of Fifth Avenue Courtyard, a 21-unit community in St. Petersburg, Fla., for $1.3 million. The company represented the seller, as well as the buyer, both limited liability companies, in the deal.
Located at 865 Fifth Ave. N., the property is alongside Interstate 375 and is 10 blocks from downtown St. Petersburg. The community also provides access to the city’s public transportation, being approximately one minute from the bus stop. Built in 1958, Fifth Avenue Courtyard comprises 20 studio units and one two-bedroom unit. The buyer plans to upgrade the units.
This sale is a prime example of the value-add opportunities investors are seeking,” said Ned Roberts, investment specialist at Marcus & Millichap, in prepared remarks.
“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 Investment Specialist Sebastian Harris, in a prepared statement.
Marcus & Millichap’s Roberts, Harris, Michael Donaldson and Nicholas Meoli marketed the sale of the property and secured the buyer in the transaction.
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