RPH Multifamily Group CLOSES A 10-UNIT APARTMENT BUILDING IN 21 DAYS
ST. PETERSBURG, FL, May 27, 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 Alberta Apartments, a 10-unit apartment property located in St. Petersburg, FL, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset went under contract within a week of marketing launch. The sale closed just three weeks later at a sale price of $1,400,000.00.
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, Ned Roberts, Jason Hague and Adam Podbelski.
Alberta Apartments is located at 2846 10th St N in St. Petersburg, FL. The property is constructed of concrete block and received a new metal roof in 2018. There are six one-bedroom one-bathroom apartments and four two-bedroom one-bathroom apartments. “The buyer group was extremely interested in the growth happening in the surrounding area and the opportunity to increase rents, both through renovations and through the removal of in-place loss-to-lease. This interest led to an offer that was above the list price. My team and I generated over twelve offers within a few days of marketing the property. We are seeing an unprecedented level of activity surrounding listings with a value-add component” said Harris.
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