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Marcus & Millichap Closes The Sale Of A 39-Unit Apartment Building For $6,235,000 In Largo, Florida

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Breezy Palms, a 39-unit apartment complex located in Largo, FL. The asset sold for $6,235,000.

“This was an interesting sale where we secured 97.42% of our list price and 100% of the contract price, despite 200-basis points of federal funds rate increases and significant increases to insurance costs,” said Sebastian Harris, senior associate. “Despite economic headwinds, the 19 offers we generated were from local, out-of-state, and international-based investors, which highlights the persistent demand and favorability of Tampa Bay and Florida-based multifamily assets.”

Harris, Adam Podbelski, Duane C. Anderson, Ned Roberts, and Jason Hague, investment specialists in Marcus & Millichap’s Tampa and Orlando offices, had the exclusive listing to market the property on behalf of the seller, a local LLC. The buyer, a Florida-based limited liability company, was also procured by Harris, Podbelski, Anderson, Roberts, and Hague.

Breezy Palms is located at 1500 W. Bay Drive and features a unit mix of one and two bedrooms. Built in 1969, the 26,845-square-foot apartment complex is situated on a 0.9-acre lot and is two miles east of the beach.

Are you interested in selling or buying Florida multifamily housing?

At RPH Multifamily Group we strictly specialize in Florida multifamily sales, so that you can make the most successful, informed, and stress-free multifamily investment decisions. Learn more about the RPH Multifamily Group’s Florida Multifamily Sales Advisory And Brokerage Services.

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