St. Petersburg Community Sells for $46M
The 481-unit community traded to a New York-based buyer. The sale price equates to $96,000 per unit. IPA arranged the sale on behalf of the seller and procured the buyer.
By Evelyn Jozsa
Urban Style Flats
Institutional Property Advisors (IPA), a division of Marcus & Millichap has brokered the sale of Urban Style Flats, a 481-unit property in St. Petersburg, Fla., for $46.3 million, or $96,000 per unit. The firm represented the seller and procured the New York-based buyer in the transaction.
Located at 300 10th St. South in downtown St. Petersburg, the property is within walking distance of Tropicana Field and Central Avenue, and is near the University of South Florida’s St. Petersburg Campus and St. Petersburg College’s downtown campus. Constructed in phases in 1971 and 1978, the high-rise building was rejuvenated in 2010. Improvements include new air conditioning systems, a structured parking garage and up-to-date, artistic decoration.
Community amenities include:
- fitness center
- basketball court
- controlled access
- swimming pool
- eight laundry facilities
- 600 parking spaces
- media room
“Situated on the border of St. Petersburg’s Edge District, a 43-acre area currently undergoing economic revitalization, Urban Style Flats gives new ownership an opportunity to decrease the gap between current rents and that of surrounding ‘A’ product via strategic interior and amenity upgrades,” said Michael Regan, senior managing director at IPA, in prepared remarks.
Regan and Frank Carriera represented the seller and procured the buyer. Recently, the same team brokered the sale of 281 units of Oakbrook Village, a multifamily propery in Clearwater, Fla.
Image courtesy of Yardi Matrix
