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.”