St. Petersburg Flagler Pointe Multifamily Trades for $23M

TAMPA, FL—Flagler Pointe Apartments, a 416-unit multifamily community centrally located near Interstate 275 in St. Petersburg, has traded for $23.2 million. The sale price equals $55,769 per unit and $71 per square foot.

Jamie B. May, an executive director of Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, represented the seller, PRG Real Estate Management. Merion Realty Partners acquired the multifamily asset.

“The investor purchased a well-maintained, renovated property at well below replacement cost,” says May. “The 91%-occupied asset already has a strong cash flow, and there are opportunities to generate even more income in a strong market through property upgrades, interior enhancements and rental rate increases.”

Flagler Pointe was built in 1974 and underwent a major renovation in 2002. The multifamily property offers four resort-style pools, a 24-hour fitness center and two community clubhouses, as well as tennis and volleyball courts. The property also includes remodeled kitchens and baths, washer and dryer connections in select units, balconies or patios and walk-in closets.

Located a few blocks from Tampa Bay in the Pinellas Pointe neighborhood, Flagler pointe is convenient to Interstate 275, Downtown St. Petersburg and major colleges, universities and hospitals. St. Pete Beach and Pass-a-Grille Beach are 10 minutes to the west of the multifamily community.

“Free and clear of debt encumbrances, this property is attractive not only because of its terms, but due to its location near Tampa Bay and its above-average amenities package,” May says. “And, with no new construction in the submarket right now, we believe rental demand will stay high.”