ST. PETERSBURG, Fla., March 13, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of Emerald Pointe, a 441-unit multifamily community in St. Petersburg, Florida. The property sold for $37.5 million, which represents more than $85,000 per unit.
“The acquisition puts new ownership in position to implement a value-add program that will considerably increase revenue over the first two years,” says Frank Carriera, senior director.
Carriera and Michael Regan, senior director, represented the seller and procured the buyer.
Built in 1974 on 17.4 acres at 111 73rd Ave. N in St. Petersburg, Emerald Pointe has frontage on Fourth Street, downtown St. Petersburg’s main thoroughfare. The Gateway Mall is within walking distance. The property consists of eight three-story buildings with elevator service. The unit mix features studios and one-, two- and three-bedroom apartments.