Wednesday, October 31, 2012

Institutional Property Advisors Arranges $23.2 Million Sale of Tampa Bay, FL Multifamily Asset


Flagler Pointe Apartments, St. Petersburg, FL

 ST. PETERSBURG, FL, Oct. 30, 2012 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has negotiated the sale of  Flagler Pointe Apartments, a 416-unit multifamily community centrally located near Interstate 275 in St. Petersburg.

The sales price of $23.2 million equates to $55,769 per unit and $71 per square foot.

Jamie B. May, an executive director of IPA, advi
sed the seller, PRG Real Estate Management. The buyer is Merion Realty Partners.

Jamie B. May
“The investor purchased a well-maintained, renovated property at well below replacement cost,” says May. “The 91-percent-occupied asset already has a strong cash flow, and there are opportunities to generate even more income in a strong market through property upgrades, interior enhancements and rental rate increases,” May elaborates.

“Free and clear of debt encumbrances, this property is attractive not only because of its terms, but due to its location near Tampa Bay and its above-average amenities package. And, with no new construction in the submarket right now, we believe rental demand will stay high,” May concludes.

Originally completed in 1974 and extensively renovated in 2002, Flagler Pointe Apartments is a well-maintained multifamily community offering a wide array of amenities such as four resort-style pools, a 24-hour fitness center and two community clubhouses, as well as tennis and volleyball courts.

For a complete copy of the company’s news release, please contact:

Stacey Corso
Public Relations Manager
(925) 953-1716




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