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.
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