Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Sunrise Apartments, a 44-unit apartment property located in Saint Petersburg, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $3,960,000.
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, a limited liability company, was also secured and represented by Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp.
“Sunrise was a great reposition opportunity for a well-located asset with average rents several hundred dollars per month less than the highest rents at the property. There were multiple offers on this highly sought-after asset and it closed successfully with the first buyer to go under contract. The new owner plans to do a complete renovation and increase the rents to market immediately,” Shawn Rupp says.
Sunrise Apartments is located at 3556 66th Street North in Saint Petersburg, Fla. Sunrise Apartments consists of seven concrete block constructed buildings built in 1968 situated on 1.27 acres of land with direct frontage on busy 66th Street North (39,000 vehicles daily). The property contains a desirable unit mix of 20 one-bedroom/one-bathroom units each 600 square feet and 24 two-bedroom/one-bathroom units each comprised of 800 square feet. The property features ample off-street parking, washer/dryer hook ups in all units, enclosed patios in select units and multiple courtyard grilling areas. Residents enjoy the easy access to downtown St. Petersburg and the Pinellas County beaches; both are less than a 15-minute drive via US 19 or 38th Avenue North and supply an abundance of demand drivers including jobs, shopping, entertainment options, and other points of interest.
Sunrise Apartments has had the same owner operator for 17 years, a testament to the properties ability to perform in any economic climate and the superb location. A new owner will have the ability to update the property by renovating interiors, enhancing the curb appeal and amenities allowing to increase rents to market, enabling them to capture the upside which is currently north of $285 per unit per month.