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St. Pete business owners buy apartments
BUYER: CPN Holdings LLC (principals: Thien, Catherine, Ha Thuy and Peter Nguyen), St. Petersburg
SELLER: Gabby Properties LLC
PROPERTY: 550 50th Ave. N., St. Petersburg
PRICE: $1.37 million
PREVIOUS PRICE: $2.5 million, May 2005
TITLE FIRM ON DEED: Seminole Title Co., Seminole
PLANS, DESCRIPTION: CPN Holdings LLC, a purchase entity headed by the Nguyen family of St. Petersburg, purchased the 40-unit The Ambassador apartment complex on 50th Avenue east of Seventh Street for $1.37 million. The purchase price equated to $34,250 per unit.
The Nguyens, who run RF/Microwave component manufacturer Microwave Communications Laboratories Inc., bought the development in an all cash transaction as an investment.
The 40-year-old development was built using concrete block construction and occupies a 1.23-acre parcel. The Ambassador features 11 one-bedroom/one-bathroom units and 29 two-bedroom/one-bathroom units.
Francesco P. Carriera and Nicholas Meoli in Marcus & Millichap's Tampa office handled the transaction.
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