MIAMI—An REO multifamily community in Saint Petersburg, FL has been worked out. The 16-unit apartment complex traded for $180,000. The sale price represents $11,250 per unit and $26.16 per square foot.
Zach Ames, Kevin Kelleher, Darron Kattan, and Robert Goldfinger, all of Franklin Street, represented both parties in the transaction. As part of a REO sale, the seller, Tuthill Finance, foreclosed on the property in mid-August, 2013. The buyer is a local owner in the Tampa Bay area.
“At the time of sale, the property was completely vacant and had been that way for several years,” Ames says. “The buyer is planning a top-to-bottom renovation at the property which they plan to start immediately. We received significant interest in the property as there continues to be high demand for distressed value-add opportunities, while little supply exists.”
Built in 1948, the community is located at 680 22 Ave. in St. Petersburg, Fla. All 16 units include all efficiencies and concrete block construction.
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