Class C Finds Favor With Multifamily Investor
By Jennifer LeClaire via GlobeSt.com
With so much demand for class A multifamily assets, more investors are considering their options for class B—and even class C—apartment buildings. Such was the case in the sale of 50th Avenue Apartments in Saint Petersburg, FL.
‘Agents like Sean Dreznin, investment associate in NAI Tampa Bay’s office’, Ari Ravi, investment specialist, Casey Babb, associate vice president of investments, and Luis Baez, senior associate in Marcus & Millichap’s Tampa office, are marketing properties and finding investors lining up.
The class C multifamily asset sold for $415,000—and sold quickly. What was the attraction?
“This particular asset was stabilized and yields a high return which was very appealing to the buyer,” says Ravi. “The buyer paid all cash and the transaction closed in just over 30 days.”
50th Avenue Apartments are located at 2595 50th Avenue North in Saint Petersburg. This class C multifamily asset is a fully stabilized, garden-style apartment community and centrally located in St. Petersburg.
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