- August 30, 2013
Greystar, Praedium buy St. Pete Apartments
BUYER: Lincoln Shores Associates LLC (The Praedium Group), New York City
SELLER: Lincoln Shores Apartments Investors LLC
PROPERTY: 11601 4th St N, St. Petersburg
PRICE: $24.2 million
PREVIOUS PRICE: $17 million, August 1995
LAW FIRM ON DEED: GrayRobinson, Tampa
PLANS, DESCRIPTION: Lincoln Shores Associates LLC, a joint venture of Greystar Real Estate Partners and The Praedium Group, purchased the 631-unit Lincoln Shores Apartments east of 4th Street in the Gateway area of St. Petersburg for $24.2 million.
The purchase price equated to $38,352 per square foot of building space. The building was 94% occupied at the time of the sale. The 473,640-square-foot community was constructed in 1984 and contains 50 two-story wood-frame buildings.
The buildings feature one- and two -bedroom floor plans ranging in size from 550 to 1,000 square feet, with an average unit size of 751 square feet.
Jamie May and Matt Mitchell of Marcus & Millichap's National Multi Housing Group brokered the sale on behalf of the institutional seller, UBS Realty Investors LLC of Hartford, Conn. The seller previously invested about $4 million in capital improvements, including renovating 212 of the units, parking areas and clubhouse and fitness center.
“The property was a very well located “B” property in a “B+” location...” May said in a press release. “Investment activity in the multifamily arena is up six-fold in the second half of the year compared to the first half of the year from $51 million to over $300 million.”
Along with water views, the community features a two-story clubhouse, three pools, lighted tennis, two car-care centers and racquetball courts, full-court basketball, sand beach volleyball, and a recently renovated fitness center with separate cardio and weight rooms.
The Praedium Group is a real estate investor focused on undervalued assets throughout North America. Founded in 1984, the firm has made more than $7 billion in investments to date.
Headquartered in Charleston, S.C., Greystar owned or managed 140,000 units in 88 markets as of July.