FCA Acquires MultiFamily Property In Saint Petersburg For $37.5M

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.