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The Multifamily Firm Brokers Apartment Building Sale in St Pete, FL

The Multifamily Firm Brokers Apartment Building Sale in St Pete, FL

September 30, 2021


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The Multifamily Firm is proud to announce the sale of the Bellecrest Apartments in St Pete, FL (St Petersburg). The Bellecrest offering consisted of Four, large townhome-style units, in one building on one parcel of approximately 0.26 acres. Completely renovated in 2017 – 2019, the property features an immense list of renovations, including but not limited to, new windows, modern white cabinets, granite/marble countertops, and stainless-steel appliances.

The property was on the market for less than 3 weeks, generated multiple offers and sold for $1,130,000 or $282,500 per unit, equating to 98% of list price. The transaction was a non-financing contingency deal, with a substantial deposit hard within 25 days and ultimately closed at the contract price within 60 days of contract execution. Procured by The Multifamily Firm, the buyer was an out of State new to market 1031 buyer looking to diversify into the robust Southwest Florida multifamily market.

The Bellecrest Apartments features a highly attractive & rare unit mix of 100% three bedroom / two & half bathroom units equipped with private patios. Perfectly positioned within 5-10 minutes of St Pete Beach, Downtown St Petersburg, Gulfport and the Skyway Bridge, the property presents significant upside potential to continue to capitalize on a red-hot St Pete rental market.

The sale of the asset was brokered by Kyle Keelan & Phil Ginexi of The Multifamily Firm. For additional information regarding the sale and/or upcoming offerings, please contact us directly to join our distribution list for new exclusive listings!

 

Apartment Building Sale St Pete, FL Highlights:

  • Sale Price: $1,130,000 ($282,500 / Unit)
  • Sourced an Out of State New to Market 1031 Buyer that Closed at the Contract Price
  • Generated Multiple Offers and Sold at 98% of List Price
  • Non-Financing Contingency Deal w/ Substantial Deposit Hard in 25 Days
  • Completely Renovated in 2017-2019, Featuring New Windows, Granite/Marble Countertops, Stainless Steel Appliances & Private Patios
  • Highly Attractive & Rare Unit Mix of All 3 Bedroom / 2.5 Bathroom Townhome Style Units
  • Perfectly Positioned Within 5 Mins of St Pete Beach, Downtown St Pete, Gulfport & the Skyway Bridge

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