June 20, 2017
St. Charles Row Apartments, a 368-unit multifamily community in St. Petersburg, FL, was sold for $37.5 million. Marcus & Millichap’s Frank Carriera and Michael Regan represented the unnamed seller and procured the buyer.
Carriera says, “St. Charles Row is a stabilized, impeccably renovated asset, in a market with extremely high barriers to entry and limited competition. The $9 million in capital improvements the property has received since beginning of 2014 include the complete upgrade of all unit interiors, total exterior re-branding and a full transformation of the amenity package.”
The 38-building apartment complex is located at 1175 Pinellas Point Dr., a few miles from downtown St. Petersburg, Eckerd College, St. Pete Beach and Tropicana Field.
Built in 1972 and renovated between 2014 and 2016, St. Charles Row Apartments’ community amenities include two swimming pools and a clubhouse with a theater.
For comments, questions or concerns, please contact Dennis Kaiser