RPH Multifamily Group of Marcus & Millichap arranges the sale of a 44-unit apartment building in Clearwater

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Hudson Place Apartments
Marcus & Millichap announced the sale of Hudson Place Apartments, a 44-unit apartment property located in Clearwater, Florida.

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Hudson Place Apartments, a 44-unit apartment property located in Clearwater, Florida, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $3,650,000.

Ned Roberts, Sebastian Harris, 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 Ned Roberts, Sebastian Harris, Jason Hague and Adam Podbelski.

“Years ago, this was the seller’s first acquisition in the Tampa Bay market. We were pleased to represent them in this disposition and yet again source a new-to-market buyer for the asset,” said Ned Roberts. “Of course, the pandemic posed numerous challenges throughout the deal timeline, but having closed more than 20 transactions since the onset of the pandemic, we were able to navigate each of them and arrive at a successful closing,” he added.

Hudson Place Apartments is located at 1115 Pinellas St in Clearwater, Florida. The asset is constructed of concrete block and has a high historical occupancy level. Hudson Place Apartments has a desirable unit mix of 50 percent two- and three-bedroom units and all units feature tile flooring. Located three miles from world renowned Clearwater Beach, adjacent to Belleair Elementary School, and walking distance to Downtown Clearwater, Pinellas Trail and Wright Park, the property is very well situated. There are over 1,650 businesses within a one-mile radius and Hudson Place also offers convenient access to Tampa and St. Petersburg.