Marcus & Millichap closes the sale of a 39-unit apartment building for $6.235 million in Largo, Florida

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Breezy Palms
Marcus & Millichap announced the sale of Breezy Palms, a 39-unit apartment complex located in Largo, Fla. The asset sold for $6,235,000.

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Breezy Palms, a 39-unit apartment complex located in Largo, Fla. The asset sold for $6,235,000.

“This was an interesting sale where we secured 97.42 percent of our list price and 100 percent of the contract price, despite 200-basis points of federal funds rate increases and significant increases to insurance costs,” said Sebastian Harris, senior associate. “Despite economic headwinds, the 19 offers we generated were from local, out-of-state, and international-based investors, which highlights the persistent demand and favorability of Tampa Bay and Florida-based multifamily assets.”

Harris, Adam Podbelski, Duane C. Anderson, Ned Roberts, and Jason Hague, investment specialists in Marcus & Millichap’s Tampa and Orlando offices, had the exclusive listing to market the property on behalf of the seller, a local LLC. The buyer, a Florida-based limited liability company, was also procured by Harris, Podbelski, Anderson, Roberts, and Hague.

Breezy Palms is located at 1500 W. Bay Drive and features a unit mix of one and two bedrooms. Built in 1969, the 26,845-square-foot apartment complex is situated on a 0.9-acre lot and is two miles east of the beach.