PINELLAS PARK, FL– Institutional Property Advisors (IPA), a Marcus & Millichap company serving the needs of institutional and major private multifamily investors, has closed the sale of Runaway Bay (top left photo), a 192-unit multifamily property located in Pinellas Park, a central Pinellas County city within the Tampa Bay Area.
Jamie B. May, an executive director of IPA, represented the seller, AIMCO. The buyer is J.I. Kislak Inc.
“Runaway Bay is an attractive, well-located, Class B-plus asset that has received numerous capital improvements,” says May. “The property was more than 92-percent occupied at the time of the sale, which is consistent with its historically high occupancy rate.”
“Pinellas County’s future apartment supply is forecast to be limited while the county’s projected occupancy and rent growth remain strong,” adds May. “Runaway Bay is well positioned to benefit immensely in the near term as the economy continues to recover.”
The 165,528-square foot property is located at 4701 88th Ave. North in Pinellas Park. Interstate 275 is within two miles of the apartment complex. St Petersburg-Clearwater International Airport is just three miles from the property and Tampa International Airport is 16 miles away.
Constructed in 1985 on 14.5 acres, Runaway Bay is composed of 12 two-story residential buildings with an average unit size of 862 square feet.
There are 80 one-bedroom units, 24 two-bedroom/one-bath apartments, 24 two-bedroom/one-and-a-half-bath units and 64 two-bedroom/two-bath apartments. Approximately 35 percent of the unit interiors have been renovated.
For a complete copy of the company’s news release, please contact:
Stacey Corso
Public Relations Manager
(925) 953-1716
