ARA Brokers Sale of Florida Development Site

ARA completes a land sale in St. Petersburg; Southeast Apartment Partners brokers a $55.1 million sale in Virginia; and Hendricks & Partners completes a $38.5 million sale.

330 Third Street

St. Petersburg, Fla.—The Tampa office of ARA has arranged the sale of a 2.88-acre site located at 330 Third Street in downtown St. Petersburg, Fla., on behalf of Osprey S.A. The parcel was purchased by American Land Venture, who was selected by Osprey to proceed with development plans. The just project plan consists of 340 luxury apartments and parking facilities.

The parcel is located adjacent to the University Village Shopping center, which is anchored by a high volume Publix grocery store.

“The property provides a unique walkable lifestyle and is located within blocks of the downtown waterfront, multiple museums, sporting venues, theaters as well as several apartments and shops,” says Patrick Dufour, senior vice president at ARA. “This is truly irreplaceable real estate, in fact, many of the units will enjoy open water views of Tampa Bay.”

Virginia property commands $55 million

Empirian Chesapeake

Chesapeake, Va.—Southeast Apartment Partners has brokered the sale of Empirian Chesapeake, a 374-unit property located in Chesapeake, Va. The transaction was closed by Jordan McCarley. THe $55.1 million sales prices equates to $147,400 per unit.

Empirian Chesapeake was built in 2004, and was sold stabilized after being foreclosed due to the previous ownership’s corporate bankruptcy. The asset was picked up from JRK Investors and sold in conjunction with

Hendricks & Partners completes $38.5M sale

Alanza Place

Phoenix—Hendricks & Partners announce the sale of Alanza Place, located at 1121 North 44th Street in Phoenix. The 360-unit apartment community was sold for $38.5 million.

Built in 2002, Alanza Place is a Class A property featuring 191 one-bedroom, 161 two-bedroom, and eight three-bedroom units. The asset features a prime infill location, close to the 202 and 143 freeways, near Phoenix Sky Harbor International Airport, downtown Tempe, downtown Phoenix, and Scottsdale.

Interior amenities include crown molding; nine- and 10-foot ceilings; built-in computer workstations; rounded corners; dual-paned windows; ceramic tile / oval tubs; prewiring for security alarms; and scenic views of Papago Park Golf Course, Camelback Mountain, and The Papago Buttes. Townhome-style units feature attached garages. Community amenities include a clubhouse, game room, fitness center, business center, and a pool with spa.

The seller was a group of Tenant In Common owners represented by Passco Companies LLC. The buyer was FSC Realty LLC, a California limited liability company of Beverly Hills, Calif. The transaction was negotiated by Mark Forrester and Ric Holway of the Phoenix office of Hendricks & Partners on behalf of the seller.