Marcus & Millichap Real Estate Investment Services’ Tampa office has recently announced the $1,100,000 sale of a 20-unit Pinellas Park community, Judy Ann Apartments.
Marcus & Millichap’s brokers represented both the seller – a local limited liability company – and the Brandenton-based private investor that bought the property. Michael Donaldson and Nicholas Meoli, senior associates in the Tampa office of the brokerage company marketed the property under an exclusive listing agreement. Earle Hyman, a senior vice president of investments in Marcus & Millichap’s Encino office in conjunction with the two brokers secured and represented the buyer in the transaction.
Built in 1983, the 20 two-bedroom one-bathroom apartment units are distributed in seven one-story buildings. Amenities include onsite parking and a common laundry facility. The community is located at 5501 70th Avenue North in Pinellas Park, Fla., on approximately 2.51 acres of land.
The M&M representatives are optimistic about the Tampa Bay apartment market’s rise and consider the investment a good choice in the long run. “The apartment market is continuing to grow stronger and national investors are targeting the Tampa Bay area,” said Meoli in a statement for the press. “The investment community is foreseeing positive rental growth in 2014 which is driving demand and compressing cap rates for infill locations throughout the west coast of Florida,” Donaldson added.
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