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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


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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

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