MIAMI—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.

Ari Ravi, investment specialist, Casey Babb, associate vice president of investments, and Luis Baez, senior associate in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the local seller, an a private investor. The listing agents also found a buyer, a private investor based in Tampa.

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.

The multifamily asset offers 11 one-bedroom/one-bathroom units and one three-bedroom/one bathroom unit. The property was built in the 1950s and renovated in 2013 with roof work, exterior painting, newly paved driveways and interior improvements. Community amenities include a laundry facility and off-street parking.