By Evelyn Jozsa
Institutional Property Advisors has completed the sale of Emerald Pointe, a 441-unit community in St. Petersburg, Fla., for $37.5 million. The sale price equates to roughly $85,000 per unit.
Situated at 111 73rd Ave. N., the property is near St. Petersburg’s major thoroughfare, Fourth Street, within 15 minutes of downtown. The property is also close to the Gateway Mall, which offers shopping and dining options. Constructed in 1973, the eight-building property occupies 17.4 acres and comprises studio, one-, two- and three-bedroom units, averaging 741 square feet. Shared amenities include:
- fitness center
- business center
- two swimming pools
- eight laundry facilities
- 850 parking spaces
“The acquisition puts new ownership in a position to implement a value-add program that will considerably increase revenue over the first two years,” said Frank Carriera, senior director at Institutional Property Advisors, in prepared remarks.
Carriera, together with Senior Director Michael Regan, represented the seller and procured the buyer.
Image courtesy of Institutional Property Advisors