Engel & Völkers St. Pete Advisors Close a $4.4 M Deal Off-Market in South St. Pete

St. Pete, Fla - December 7, 2021 - The Maggiore Shore Apartment complex in South St. Petersburg has sold for $3.5 million to an Investor group from New Jersey. The group has additional investors involved from other locations including Ohio and Fort Lauderdale. They focus on long-term holds for rental properties.

Maggiore Shore, 850 34th Ave S, is a 26-unit multifamily community that was built in 1969. It sits on nearly an acre. The 26 unit deal included a 3 parcel lot just behind the apartment complex. On-site the complex includes laundry, shuffleboard, and units with views of Lake Maggiore.

Engel & Völkers St. Pete Advisors, Zachary Campbell and Carlina Sarabia began working together after Campbell’s Buyer inquired about purchasing a multi-family investment opportunity. Carlina was aware of potential opportunities, so the two actively worked with one of Maggiore Shore’s Sellers and the property manager to put together an offering memorandum, rent roll, t12, and photo addendum to pursue the off-market listing. Five investors passed on the property.

“The Sellers were in no rush to sell the properties and required stringent disclosure rules which limited its exposure," said Campbell.

After a year of off-market marketing, Campbell’s investor client purchased the Maggiore Shore Apartment Complex.

Maggiore Shore was owned by a local partnership that owns a big portfolio of mostly commercial investment properties in the Tampa Bay Area.

On the same day, minutes away from Maggiore Shores, Carlina and Zac also closed a 6 unit apartment complex with the same Buyer and Seller. The 6 unit package deal included 3 lots and a single-family rental home, closing at $900k bringing the total purchase to $4.4m.

We would like to congratulate our Advisors for closing on two amazing investment opportunities in South St. Pete!

Engel & Volkers St. Pete continues to make headlines as a young, budding luxury real estate agency. Opening its first location formally in February 2019 in downtown St. Petersburg just off of Beach Drive on 2nd Ave NE, and looking forward to opening its second location in 2022 in St. Pete Beach. The brokerage and its Advisors continue to experience amazing growth in just a few short years.