FCA Acquires MultiFamily Property In Saint Petersburg For $46.25M

An apartment building known as Urban Style Flats in downtown St. Petersburg has been sold for $46.25 million. The 481-unit property, situated at 300 10th Street South and built in the 1970s, underwent capital improvements over the last decade. The sale equated to over $96,000 per unit and was the first rental housing acquisition in Florida for the New York-based buyer, FCA.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $46,250,000.00
• Market: Saint Petersburg
• Seller's Rep: Michael Cregan(CBRE)
• Buyer: FCA
• Address: 300 10th St S, Saint Petersburg, FL

The acquisition was facilitated by Michael Cregan from CBRE, serving as the seller's representative. According to real estate brokerage Marcus & Millichap, the new owner of Urban Style Flats aims to enhance the property by bridging the rent gap between the building and other 'A' product offerings in the vicinity through strategic interior and amenity upgrades. Mike Seemuth reported that previous improvements included the installation of new air conditioning systems and updated interior décor at Urban Style Flats.