RPH MULTIFAMILY GROUP ARRANGES THE SALE OF A 25-UNIT APARTMENT BUILDING
LARGO, FL, June 28, 2021 – 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 Century Oaks, a 25-unit apartment property located in Largo, FL, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $3,350,000.
Sebastian Harris, Ned Roberts, Jason Hague and Adam Podbelski, 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 secured and represented by Sebastian Harris, Eric P. Bell, Ned Roberts, Jason Hague and Adam Podbelski, investment specialists in Marcus & Millichap’s Tampa and Chicago Oak Brook offices.
“The buyer – a new-to-market investor from the Chicago area – was attracted to the deal because of its location and available up-side via renovations he intends to implement. The property is walking distance to Largo Medical Center, close to local beaches; and has immediate access to the Pinellas Trail, a popular pedestrian and bike path that goes throughout the county,” said Harris.
“Interest in the asset was overwhelming. Within days of launching our marketing campaign, we were able to schedule several dozen property tours, resulting in more than twelve offers, nine of which were at or above the list price” added Harris. Century Oaks ultimately sold 4.69% over list price. At $134,000 per unit, this sale reflects the fifth highest all-time price per unit paid in Largo for a commercial investment property.
“Both out-of-state and international buyers vied for this asset, highlighting the significant increase we are seeing in the Tampa Bay area from out-of-area investors. We are seeing exponentially more out-of-area and international investors looking to break into the Tampa Bay market, than we saw pre-COVID. Most of these investors are coming from high cost of living markets, which typically have significantly more government control over how landlords are able to operate.” Harris continued.
Century Oaks is located at 263 14th St NW in Largo, FL. The property has an attractive unit mix with majority of two-bedroom floor plans, 96% of units were sub-metered for water and sewer, and 33% of the roofs were replaced in December of 2020.
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