Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Seminole Village Apartments, a 56-unit apartment property located in Seminole, Fla., according to Christopher W. Travis, regional manager of the firm’s Tampa office. The asset sold for $4,350,000.
Joshua Teplitzky, First Vice President Investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, an individual/personal trust, was also secured and represented by Joshua Teplitzky.
Seminole Village Apartments is located at 7770 Starkey Rd in Seminole, Fla. “This transaction represents the sale of a significant value-add, well-constructed asset built in the 1980’s in Central Pinellas County. The Property had ten vacancies at the time of the sale and through the multiple bidding process I sourced a Buyer that closed all cash. Recent volatility in interest rates also led to an increase in the prepayment penalty on the debt held by a Life Insurance Company. Through the many potential transaction hurdles, I was able to facilitate the Seller’s close of the downleg and help the Seller redeploy his capital into a sizeable retail transaction upon closing in the conclusion of a 1031 exchange,” concluded Teplitzky.