CPI Capital And Whitestone Capital Acquire Atlas At Bay Point Apartments In St. Petersburg For $12.34M

The property involved in this transaction is a multifamily asset located at 2150 62nd Terrace South, St. Petersburg. The complex comprises 136 units and was built in 1972. The sale price was $12,340,000, resulting in a price per unit of $90,735 and a price per square foot of $117, with a total square footage of 105,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $12,340,000
• Units: 136
• Price Per Unit: $90,735
• Square Footage: 105,000
• Price Per Square Foot: $117
• Buyer: August Biniaz, Ava Benesocky, Paul Hopkins & Seth Ferguson - CPI Capital; Adrian Otto, Mirko Otto, Ricarda Otto - Whitestone Capital
• Seller: Mainline Investment
• Broker: Mike Regan & Cameron Barbas - CBRE
• Date: 07/08/2024

August Biniaz, Ava Benesocky, Paul Hopkins, and Seth Ferguson from CPI Capital, along with Adrian Otto, Mirko Otto, and Ricarda Otto from Whitestone Capital, were involved in the deal for this property. Notably, CPI Capital's Chief Investment Officer noted the journey to acquiring the asset began in April 2023, emphasizing their strategic persistence that led to the successful acquisition at a 30% discount from their initial offer.