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| 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.
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| 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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