Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Alexander at Countryside, a newly developed, 330-unit, luxury apartment complex located in Clearwater, Florida. The terms of the sale were not released.
“Alexander at Countryside, which was developed on the old Countryside Executive Golf Course, is the first market-rate apartment community to be built in this submarket since 2000,” says Casey Babb, CCIM, first vice president investments in Marcus & Millichap’s Tampa office. “The buyer recently sold assets that triggered a substantial 1031-exchange need.”
Babb, Luis Baez, CCIM, first vice president investments, and Shawn Rupp, senior associate, procured the buyers, a group consisting of Robert Levin, Gary Lieberman and Robert Brehmer. “In addition to industrial properties, this is our second Florida luxury apartment purchase in the past few months brokered by Marcus & Millichap,” stated Gary Lieberman. The seller, Kyle Riva of Alexander Investments International, provided his own representation.
At the time of the sale, Alexander at Countryside was 53 percent occupied and 65 percent leased. The property was constructed in 2018 on more than 44 acres at 2524 Alexander Place in Clearwater. Westfield Countryside Shopping Center and Countryside Centre Mall are one-half mile away, and the Innisbrook Golf Resort, Honeymoon Island State Park, Caladesi Island State Park, Clearwater Beach and the Clearwater Marine Aquarium are nearby. The three-story, garden-style property’s community amenities include an outdoor “summer kitchen”, a resort-style pool area, dog parks, fitness/CrossFit area, car care center and a demonstration kitchen with a wine-tasting room.
About Marcus & Millichap
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.