ST. PETERSBURG, Fla., March 5, 2020 – 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 Madison on 4th, a 21-unit apartment property located in St. Petersburg, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $2,250,000.
Sebastian Harris, Adam Podbelski, Ned Roberts, CCIM and Jason Hague, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Sebastian Harris, Adam Podbelski, Ned Roberts, CCIM and Jason Hague.
“Madison on 4th provided investors a great opportunity to acquire a turn-key community, with moderate upside, in a rapidly growing area of St. Petersburg. As a result of our marketing efforts we were able to facilitate 18 property tours resulting in 8 written offers. Ultimately, an out of state buyer was selected, who closed the deal at the contract price.” Said Harris.
Madison on 4th is located at 111 Southwest Madison Circle North in St. Petersburg, Fla. The multifamily community is located in immediate proximity to vibrant 4th street corridor with LA Fitness across the street and 3.5 miles to Downtown Core. There are 131,000 Jobs within 5 miles and 71.6 million square feet of office space within 15 miles (20-minute commute).
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