ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Skyline Fifth Avenue Apartments (top left photo), a 178-unit lender-owned apartment complex in St. Petersburg. The sales price of $17,125,000 represents $96,208 per unit and $101 per square foot.
Frank Carriera (middle right photo), a senior associate, and Michael Regan (lower left photo), an associate vice president investments, both in the firm’s Tampa office, represented the seller, and the buyer, a Canada-based investment group.
“The lender began foreclosure proceedings in November 2010 with the intention of selling the loan,” says Carriera.
“However, there were some significant hurdles in the transaction and the buyer and seller eventually decided to make this a real estate transaction instead of a loan sale.
“The seller foreclosed in May 2011 and the buyer ended up financing the sale with a 68.6 percent LTV bridge loan,” adds Carriera. “The group plans to hold the building long term. This is their second commercial real estate purchase in Florida.”
The 169,286-square foot property is located at 441 33rd St. North, approximately 2.5 miles west of downtown St. Petersburg, a few blocks west of Interstate 27 and one block east of 34th Street, U.S. Highway 19, Pinellas County’s major north/south artery.
Built in 1962, Skyline Fifth Avenue Apartments underwent a $30 million renovation that was completed in 2007. The apartments have vaulted ceilings, dual-pane glass, refinished kitchens, high-speed Internet access and stacked washer/dryers in the one-bedroom units and full-size washers and dryers in the two-bedroom units.
Shared amenities include controlled access, a swimming pool, a fitness center, a business center and a clubhouse.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
1 comment:
One of the costliest deal on apartment for its extra large accommodation.
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