TAMPA, FL, June 22, 2011 – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has brokered the sale of two South Florida multifamily communities, the 276-unit Sienna Bay Apartments (top left photo) in St. Petersburg, and the 243-unit Monterrey Apartments (lower left photo) in Venice.
IPA is a division of Marcus & Millichap Real Estate Investment Services.
The 261,100-square foot Sienna Bay Apartments traded for $19,515,000, or $70,707 per unit and $75 per square foot. The 184,791-square foot Monterrey Apartments commanded $11,550,000, or $47,531 per unit and $63 per square foot.
Jamie B. May, an IPA senior director in Tampa, represented all of the parties in both transactions. DT Group Development Inc. sold Sienna Bay Apartments to Harbor Group International LLC, while Fairfield Residential Co. LLC sold the Monterrey Apartments complex to Beachwold Residential LLC.
“The opportunity to buy large, high-quality, full-service properties in a market where tenant demand for such assets remains strong continues to attract investors,” says May. “Sienna Bay Apartments is well positioned to outperform the market due to extensive recent renovations and its excellent location.“Monterrey Apartments enjoys very limited competition and is one of only four apartment properties in the Venice market,” continues May. “With no new developments planned, Monterrey is poised to enjoy a long period of strong performance.”
Located on 18.8 acres at 10601 4th St. North in St. Petersburg, Sienna Bay Apartments was completed in two phases in 1974 and 1985. The property includes 29 two-story residential buildings with floor plans averaging 946 square feet. Sienna Bay Apartments’ community amenities include two swimming pools, tennis courts, a fitness center with cardio-theater and a business center with an Internet café.
Completed in 1987 and located at 1001 Center Road in Venice, Monterrey Apartments is a garden-style apartment community with a brick façade and wood architectural accents.
Only minutes from Interstate 75, Gulf Coast beaches, shopping, dining and recreation, the property is tucked away in a secluded, 25.23-acre setting. Monterrey Apartments has two swimming pools, a Jacuzzi, fitness center, lake views and an on-site leasing and management office.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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