The Real Deal Miami

St. Pete apartment complex sells for $7.75 million

The price for the 136-unit property equaled $215,277 per apartment

July 16, 2016 03:00PM

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Bay Point Villas Apartments in St. Petersburg

Bay Point Villas Apartments in St. Petersburg

Brokerage firm Marcus & Millichap announced the sale of a 136-unit apartment complex in St. Petersburg for $215,277 per unit.

A private investor bought Bay Point Villas Apartments at 2150 62 Terrace in St. Petersburg for $7.75 million.

The property comprises seven buildings each two stories tall and a single one-story building with a fitness center, clubhouse and leasing office.

The apartments include 76 with one bedroom and one bathroom, 30 with two bedrooms and one bathroom, and 30 with two bedrooms and two bathrooms.  The sizes of the apartments range from 653 square feet to 927 square feet and 987 square feet.

Amenities at Bay Point Villas Apartments include an on-site laundry room, a business center and swimming pool.

Francesco P. Carriera and Michael P. Regan, both first vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.

“The St. Petersburg real estate market remains strong,” Regan said in a written statement. “Due to the low inventory but yet very high demand, investors are continuing to see the benefit of renovating assets which is demanding rental increases.”