$46.25 Million Multifamily High-Rise Sale Brokered by IPA
January 11, 2018
St. Petersburg, Fla., Jan. 11, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces 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 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,” says 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,” adds 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 between 1971 and 1978, Urban Style Flats has received many capital improvements since 2010, including new air conditioning systems, a structured parking garage and modern, artistic décor. The property is composed of a high-rise building with three multi-story towers. Community amenities include the largest fitness center in the market.