"The Pinellas County growth story is tremendous," says Marcus & Millichap investment associate Andrew Wright. "As it is the most densely populated county in Florida, investors are positioning themselves to achieve excellent long-term appreciation in the multifamily sector."

For example, in Clearwater, FL the 461-unit, 20-year-old Jasmine of Clearwater at 6550 N. 150th Ave. was sold by California-based Jasmine at Clearwater LLC to Chicago-based Fund VII JC Clearwater LLC for $24 million or $52,126 per unit. "This [92% leased] property is located in a high barrier to entry submarket and will provide long-term capital appreciation," Marcus & Millichap senior associate Jeff Meyer tells GlobeSt.com. Meyer, Darron Kattan, Evan Kristol and Brandon Rex represented buyer and seller in the transaction.

In Northeast Tampa, Tampa Terrace Pointe Apartments LLC of Manhattan Beach, CA paid Kings Terrace Point of Jupiter $10.6 million, or $44,167 per unit, for the 240-unit, 22-year-old, 97%-leased Terrace Point Apartments at 11305N. 51st St. "Terrace Point successfully sold to an out-of-state buyer as an IRC Section 1031 tax deferred exchange, under which the buyer was willing to pay a premium to own real estate in the exploding Tampa Bay market," Kattan tells GlobeSt.com. Kattan, Meyer, Kristol and Still Hunter negotiated for the seller. Enon Winkler and Steve St. Clair, also of Marcus & Millichap represented the buyer.

Woodlawn Park, a 176-unit duplex-style property at 1628 18th Ave. N, northwest of Downtown St. Petersburg sold for $6.9 million. Martinique Partners Ltd. of Marcos Island paid Thurman Apartments Southeast 1 LLC $39,063 per unit for the 59-year-old, 85%-leased property. The property wasn't on the market at the time of sale. Buyer and seller were both represented by Wright, Meyer and Kattan.

A two-property portfolio comprising the 33-unit Candlewood II Apartments and the 73-unit Country Square II Apartments sold for $4 million or about $40,404 per unit. Sark Properties II of Tarpon Springs paid Miami-based Candlewood Holdings II Ltd. nearly $1.3 million, or $37,736 per unit, for Candlewood II and nearly $2.8 million, or about $41,738 per unit, for Country Square II. The properties were built in 1983. Kattan, Meyer and Wright negotiated for the seller. David Whitmore, also of Marcus & Millichap, represented the buyer. The brokers did the deal in two weeks. Candlewood II is at 5901 Bryce Lane, Tampa. Country Square II is at 8401 Aiken Court, Tampa.