August 11, 2021
The Multifamily Firm is proud to announce the sale of the Park Place Apartments in the St Petersburg Sub-Market of Pinellas Park, Florida. Park Place was on the market for about a week before generating multiple offers and sold to a 1031 exchange buyer for $555,000, which equated to 97% of the list price. The transaction was a non-financing contingency deal with a substantial escrow deposit non-refundable in 12 days and closed at the contract price inside of 43 days of contract execution.
The Park Place Apartments consists of a desirable unit mix of 100% two-bedroom units, in 1 masonry two-story building, on 1 corner lot parcel encompassing nearly 1/3 of an acre. Each unit at the property is separately metered for water/sewer & electric with tenants paying directly to the utility provider and is equipped with 2 off-street parking spaces & a large personal storage closet.
The Park Place offering was a classic value-add opportunity, which continues to be the target investment type for investors entering the market. Located directly in the path of progress and within blocks of the Gateway Business District, the offering presented a conservative upside potential of $317/month per unit based on neighboring rent comps.
Through a rigorous National marketing campaign, the offering generated 211 registered buyers from 23 States and ultimately resulted in the sourcing of a new to market 1031 exchange buyer that closed at the contract price. The marketing & 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 visit MultifamilyFirm.com or contact us directly to join our distribution list for new exclusive listings!
HIGHLIGHTS OF 2021 APARTMENT BUILDING SALE IN ST PETERSBURG, FL:
- Sale Price: $555,000 | $138,750/Unit | $172/SF
- Sold at 97% of List Price with Multiple Offers Generated Within a Week of Marketing
- Negotiated a Non-Financing Contingency Deal w/ a Substantial Non-Refundable Deposit Within 12 Days of Contract Execution
- Produced 211 Registered Buyers from 23 States & Sourced a New to Market 1031 Exchange Buyer that Closed at the Contract Price
- Classic Value-Add Offering w/ Conservative Upside Potential of $317/Month Per Unit by Based on Neighboring Rent Comps
- Separately Metered Water/Sewer & Electric w/ Tenants Paying All Utilities Directly to Utility Provider
- Located Within 5 Minutes from the Gateway Business District, a Large Employment Hub with Over 2,700 Companies & 65,000+ Employees
- Perfectly Positioned Within 2 Miles of Interstate 275, Providing Convenient Access to Downtown St Petersburg & Downtown Tampa
- Located in Pinellas County, Florida’s Most Densely Populated County and Within Walking Distance of Sawgrass Lake Park, a 390 Acre Park