Marcus & Millichap arranges the sale of a 90-unit apartment building

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Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Serenity Creek, a 90-unit apartment property located in St. Petersburg, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $10,725,000.

Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was also secured and represented by Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp.

“This asset was truly turn-key and was generating average rents of approximately $1,200 per month at the time of sale,” said Rupp. “Our marketing campaign generated 12 written offers and the deal closed in less than 60 days from contract execution without re-trade,” added Babb.

Serenity Creek is located at 4201 49th Street North in St Petersburg, Fla. Built in the 1980s, Serenity Creek received a major rehab in 2007 and, over the past 18-months, the current ownership has invested another $2 million into the asset enhancing units, property exteriors and common area amenities. The property consists of 3.19 acres featuring a mix of mature and new landscaping and resident amenities including a sparkling swimming pool with sundeck, multiple outdoor lounge areas with fire pits and barbecue grilling areas, a central clubhouse, mail kiosk and leasing center and a large on-site laundry center. Units are a mix of one-bedroom/one-bath, two-bedroom/one-bath and two-bedroom/two-bath and are housed in seven two-story, concrete block buildings with exterior breezeways and pitched shingle roofs. Roughly one-third of the units (33 of 90) were recently rehabbed to condo grade with all new vinyl plank flooring, raised panel interior doors, kitchens, baths and light/fan/window blind fixtures. Kitchens feature new custom white shaker style cabinets, counter tops, appliances, dishwashers and/or in-unit clothes washer/dryers and bathrooms feature the same cabinet/counter tops and new tile tub surrounds. Another 55 units have been renovated with similar finishes throughout but with older style cabinets.