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The Multifamily Firm Brokers Sale of 27-Unit Apartment Building in St Petersburg, FL

The Multifamily Firm Brokers Sale of 27-Unit Apartment Building in St Petersburg, FL

April 22, 2020

The Multifamily Firm is proud to announce the sale of the Lake View Manor Apartments in St Petersburg, Florida. Lake View Manor consisted of 27 total units, in 4 masonry construction buildings built in 1985, on 1 parcel of land totaling approximately 3.65 acres. The offering was true value-add opportunity with substantial upside potential; however, the existing operation was significantly distressed with considerable deferred maintenance and as such posed various challenges from a marketing/financing perspective. Despite the deal hurdles, The Multifamily Firm successfully navigated the transaction to closing by presenting marketing material that exhibited an aggressive yet realistic, forward-thinking underwriting strategy.

Inside 3 weeks of an extensive National marketing campaign, The Multifamily Firm generated 243 registered buyers from 24 States, produced 12 written offers, and successfully negotiated a non-financing contingency deal that closed at the contract price of $2,300,000. The transaction was brokered by Kyle Keelan & Phil Ginexi, who also assisted the buyer with securing favorable agency financing and are working with the buyer for additional acquisitions in the market.

St Petersburg 27-Unit Apartment Building Sale Highlights:

  • Extensive National Marketing Campaign that Generated 243 Registered Buyers from 24 States, with 12 written offers & 4 Cash Offers
  • Negotiated a Non-Financing Contingency Deal Within 3 weeks of Marketing & Deal Closed at the Contract Price
  • One of the Lowest CAP Rate Sales for a 1980’s Construction Apartment Complex in Pinellas County
  • Distressed Asset with Substantial Upside to Increase Rents by $300/Month/Unit w/ Strategic Renovations
  • Acquiring Party has Engaged The Multifamily Firm for Additional Acquisitions in the Market