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111 73rd Ave N, Saint Peter...

Updated Oct 29, 2024

FCA Acquires MultiFamily Property In Saint Petersburg For $37.5M
SOLDMultiFamily

FCA Acquires MultiFamily Property In Saint Petersburg For $37.5M

111 73rd Ave N, Saint Petersburg, FL...

$37,500,000

Units

441

Asset Type

MultiFamily

Closing

Nov 22, 2023

About this deal

AI

The $37.5 million sale of Emerald Pointe, a 441-unit multifamily community in the Tampa Bay metro of St. Petersburg, Florida, has been successfully brokered. Constructed in 1974, the property offers studio to three-bedroom units along with attractive amenities such as a fitness center, pool, pet play area, car wash area, clubhouse, and laundry facilities.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $37,500,000.00
  • Address: 111 73rd Ave N, Saint Petersburg, FL
  • Market: Saint Petersburg
  • Buyer: FCA
  • Seller: FCA

Frank Carriera and Michael Regan of Institutional Property Advisors (IPA) played pivotal roles in facilitating the transaction. The undisclosed seller and buyer were represented by Michael Cregan from CBRE. The new ownership of Emerald Pointe plans to enhance the property's value through a strategic value-add program aimed at revenue growth over the initial two years.

On the Map

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$37,500,000

MultiFamily

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Players

Michael Cregan

CBRE

Broker

$195.9M

vol

7 deals

Broker
FCA
FCASeller
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Saint Petersburg MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.42%

Cash-on-Cash

-0.12%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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