RPH Multifamily Group Brokers the Sale of a Seven-Property Portfolio in Pinellas County
CLEARWATER, Fla., September 8, 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 Unity 4 Pinellas Portfolio, a seven-property portfolio consisting of 68 total units on 2.97 acres of land (129,373 SF) in Clearwater, Dunedin and St. Petersburg, FL, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $8,800,000.
Sebastian Harris, Ned Roberts, Jason Hague and Adam Podbelski of the RPH Multifamily Group in Marcus & Millichap’s Tampa office, exclusively represented the properties on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by the RPH Multifamily Group.
“We were very excited to work on this assignment on behalf of the sellers,” said Harris. “The sellers were looking to exchange into an asset with more efficient management, while the buyers were looking to add scale throughout Pinellas County. This deal was a real win-win for all involved. The sellers were able to secure just over $129,000 per unit, and the buyers can take advantage of an over 20% increase in rental upside via leasing and further renovations. This transaction represents the high level of interest we continue to see from investors, both nationally and locally, in the Tampa Bay market. Investors of all sizes, locations and experience levels continue to be very bullish on the future of the Tampa Bay multifamily market.”
The seven properties included in the Unity 4 Pinellas Portfolio are Alpine Road, Creekside at Glen Oaks, 6642-6658 5th Avenue North, Spring Lane, 329 Albert Street, 291 Woodette Drive, and New York Avenue. Originally built during the 1960s and 1970s, the properties have since undergone various levels of renovations. The apartment portfolio features spacious one and two-bedroom floor plans ranging in size from 550 to 1,000 square feet, with the majority of units being 2-bedroom.
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