$46.25 Million Multifamily High-Rise Sale in St. Petersburg Closed by IPA

ST. PETERSBURG, Fla.--(BUSINESS WIRE)-- Marcus & Millichap (NYSE: MMI) announced its Institutional Property Advisors (IPA) division closed the sale of Urban Style Flats, a 481-unit multifamily asset in downtown St. Petersburg, Florida. The property sold for $46.25 million, which equates to more than $96,000 per unit.

“Situated on the border of St. Petersburg’s Edge District, a 43-acre area 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.

“Utilizing the strength of our national platform, we brought in a New York-based buyer who is new to the Florida multifamily marketplace,” said Frank Carriera, senior managing director. “Urban Style Flats is a perfect opportunity for new ownership to capitalize on their value-add experience in an emerging Florida market.” Carriera and Regan represented the seller and procured the buyer.

The property is located at 300 10th Street South in downtown St. Petersburg, within walking distance of Tropicana Field and Central Avenue, near the University of South Florida’s St. Pete Campus and St. Petersburg College’s downtown campus. New developments in the vicinity include a waterfront pier project, the Al Lang Stadium expansion, a Johns Hopkins research center, The Tom and Mary James Museum of Western and Wildlife Art, and One St. Petersburg, a 41-story mixed-use project.

Built in the 1970’s, the property is composed of a high-rise building with three multi-story towers. Community amenities include the largest fitness center in the market. Urban Style Flats has received many capital improvements over the last decade, including new air conditioning systems, a structured parking garage, and modern artistic décor throughout.

About Marcus & Millichap (NYSE: MMI)

With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com

About Institutional Property Advisors

With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.IPAusa.com

Marcus & Millichap
Gina Relva, 925-953-1716
Public Relations Director

Source: Marcus & Millichap