The Real Deal Miami

Two multi-family projects sell for $30M

June 23, 2011 10:30AM

Two multi-family projects, the Sienna Bay in St. Petersburg and the
Monterrey Apartments in Venice, Fla. have been sold for a combined $31
million, Institutional Property Advisors announced yesterday. The
261,100-square-foot Sienna Bay apartments sold for $19.5 million, and
the 184,791-square-foot Monterrey sold for $11.55 million. “The
opportunity to buy large, high-quality, full-service properties in a
market where tenant demand for such assets remains strong continues to
attract investors,” said Jamie May, senior director at IPA. “Sienna Bay
Apartments is well-positioned to outperform the market due to extensive
recent renovations and its excellent location.” — Alexander Britell