PINELLAS PARK, Fla., October 29, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of the Pinellas Park Portfolio, four-property, 56-unit apartment portfolio located in Pinellas Park, FL, according to Chris Travis, sales manager of the firm’s Tampa office. The assets sold for $4,700,000.
Ned Roberts, CCIM, Jason Hague, Adam Podbelski and Sebastian Harris, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the properties on behalf of the seller, a group of limited liability companies. The buyer, a private investor, was also secured and represented by Ned Roberts, CCIM, Jason Hague, Adam Podbelski and Sebastian Harris.
“We marketed these properties both collectively and separately given the varied nature of the assets,” said Roberts. “However, our primary goal was to find the unique buyer with interest in acquiring the entire portfolio. Through our exhaustive marketing campaign, we were able to identify a buyer in the midst of a 1031 exchange for whom these assets were a perfect fit. That enabled our selling-client to exit his investments simultaneously and pursue his own 1031 exchange transaction.”
The Pinellas Park Portfolio is composed of Park 29, Park 15, and Alpine Apartments, all located Pinellas Park, Fla. The majority of the communities are within walking distance of each other and are constructed of concrete block. All properties have on-site laundry facilities and the majority of the units have two-bedroom floorplans.
The Pinellas Park Portfolio situated in Florida’s most densely populated county, Pinellas County. The apartment communities are within easy commute of downtown St. Petersburg, downtown Tampa and Tampa's Westshore Business District and minutes from world-renowned Gulf of Mexico beaches and TripAdvisor’s #1 Beach in America, Clearwater Beach.
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