Golf Outing Tickets

The Real Deal Miami

Apartment building in downtown St. Petersburg trades for $46.25M

The buyer paid more than $96,000 per unit for Urban Style Flats, a 481-unit property built in the 1970s
January 14, 2018 04:05PM

Urban Style Flats in St. Petersburg (Credit: Apartments.com)

A 481-unit apartment building in downtown St. Petersburg sold for $46.25 million.

The sale price of the building, called Urban Style Flats, equated to more than $96,000 per unit.

It was the New York-based buyer’s first rental housing acquisition in Florida, according to real estate brokerage Marcus & Millichap.

Michael Regan and Frank Carriera, both senior managing directors of Marcus & Millichap, represented the seller in the transaction and procured the buyer.

The new owner can “decrease the gap between current rents [at Urban Style Flats] and that of surrounding ‘A’ product via strategic interior and amenity upgrades,” Regan said in a prepared statement.

Urban Style Flats, located at 300 10th Street South in downtown St. Petersburg, was built in the 1970s. Capital improvements to the property in the last decade include new air conditioning systems and updated interior décor.  — Mike Seemuth