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Urban Style Flats closes on St. Pete apartments


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  • | 4:46 p.m. December 17, 2010
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BUYER: Urban Style Flats LLC (principals: Philip Farley III and Henry Bentley), St. Petersburg


SELLER: Housing Authority City of St. Pete


PROPERTY: 305 Dr. Martin Luther King Jr. St. S., St. Petersburg


PRICE: $6.8 million


LAW FIRM ON DEED: Squire Sanders & Dempsey LLP, Tampa


PLANS, DESCRIPTION: St. Petersburg-based Urban Style Flats LLC closed on a deal for two affordable housing complexes for $6.8 million.


The price equated to $13,992 per unit.


The St. Petersburg Housing Authority sold the Graham Park and Rogall Congregate to the development company with the goal of using the proceeds to acquire or develop better affordable housing. The two interconnected complexes have 486 units. Graham Park was built in 1971. Rogall Congregate was constructed in 1978.


Urban Style Flats, run by local developer Phil Farley, plans to renovate the complexes as affordable rental units geared to first-responders, medical professionals, teachers and students.


The developer already completed renovations of 40 units on the west side of the development and started moving in residents. It plans to construct a pool and gym on the property and possibly a restaurant and community store.


The St. Petersburg Housing Authority previously occupied 10,000 square feet in the Rogall building for its main office. The authority purchased a separate 13,000-square-foot office building in Gateway Business Park as a replacement office.


Urban Style Flats mortgaged the property to DRW Real Estate Investments LLC for $6 million.

 

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