The Real Deal Miami

Largo rental complex with 444 units fetches $54M

Berkadia: The price per unit set a Pinellas County record for major off-water rental properties

June 19, 2016 10:00AM

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Madison at Largo

Madison at Largo

A 444-unit apartment complex in Largo sold for $54 million, or $121,622 per unit.

The sale price per unit was a record in Pinellas County for a large, off-waterfront multifamily property, according to brokerage firm Berkadia, which negotiated the sale.

The seller, Largo Landry LLC, had owned the apartment complex, called Madison at Largo, since 2011, when the limited liability company bought it for $14.3 million and then completed major renovations of the property.

“The competition for this property was intense as over 15 official property tours were conducted and resulted in more than Jason Stanton, senior director of Berkadia, said in a press release. “The ultimate price per unit was record-setting in Pinellas County for an off-waterfront property with more than 150 units.”

Madison at Largo is located at 601 East Rosemary Road Northeast in Largo. Property amenities include three resort-style swimming pools, a fitness center and lounge.