Marcus & Millichap Brokers Largo Multifamily Sale

LARGO, FL—The Bay Pointe Apartments development here has traded for $18 million or $43,165 per unit.

The sale of the 417-unit apartment complex was brokered by Marcus & Millichap. Francesco Carriera and Michael Regan, vice presidents investments in Marcus & Millichap's Tampa office, represented the seller and the buyer in the deal. The brokerage firm did not divulge the parties in the transaction.

Bay Pointe is located on approximately 21 acres at 2770 Roosevelt Blvd. in Largo, four-tenths of a mile east of U.S. Highway 19 and two miles from the St. Petersburg-Clearwater International Airport.

The complex features 52 two-story residential buildings, a one-story laundry facility and a one-story leasing office and laundry facility. The unit mix is 240 one-bedroom/one-bath apartments and 177 two-bedroom/one-bath units. In 2013, the property received exterior capital improvements that included new roofs on two buildings, the replacement of nine staircases, the repainting and resealing of the parking lot and new paint on 12 of the residential buildings. Select first floor unit interiors received new vinyl flooring. Shared amenities include a tennis court, a business center and two swimming pools.

“Bay Pointe Apartments is located within a 10-minute drive of two of Clearwater's key business districts, Gateway and Carillon,” says Carriera. “Average apartment occupancy in the area is 96%. Largo received a 5.1% increase in occupancy between the second quarter of 2013 and the second quarter of 2014. This was the highest increase in all of the Tampa Bay Area's submarkets.”

Regan adds, “The complex is well positioned to display strong performance in the immediate future and will grow in the long term by taking advantage of the area's improving market and quarterbacking off the development of new Class A multifamily product in the immediate area.”