(To read more on the multifamily market, click here.)

ST. PETERSBURG, FL-The 163-unit 5th Avenue Apartments has been sold for $16.5 million with plans to convert the complex into condominiums. The sale represents $85,492 per unit or $103.62 per sf.

Marcus & Millichap brokers Bob Goldfinger, Tim Johnson and Jay Crotty, who are located in the firm’s Tampa office, represented the seller 5th Avenue Apartments LTD. Marcus & Millichap brokers Still Hunter and Evan Kristol, of the firm’s Fort Lauderdale office, represented the buyer Vision 193 LLC.

The garden-style apartment community is located at 5675 Fifth Ave. and is comprised of eight four-story buildings on six acres of land. The complex was built in 1969, but was renovated two years and included wall-to-wall ceramic tile in the living areas, new cabinetry, upgraded landscaping and a pool.

Crotty tells GlobeSt.com that the excellent physical condition of the property is one reason it was attractive as a condo conversion project. The property’s seller purchased it two years ago and embarked on a gut renovation, including the replacement of the roof, windows and other aspects. “With its central location close to Interstate 275, 5th Avenue was delivered free and clear of existing debt and plans are under way to convert the property to condos,” Crotty says.

Crotty says the pricing makes it attractive for workers, who are sometimes priced out of the single-home market. “The cost of housing has gone up in Florida, particularly in infill areas such as this. This fills a niche in the market.”

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