Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Breezy Palms, a 39-unit apartment complex located in Largo, FL. The asset sold for $6,235,000.
“This was an interesting sale where we secured 97.42% of our list price and 100% 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.
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.