(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.
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