Georgia investment group buys, rebranding Mariners Pointe Apartments

By Business Observer Staff
| 10:57 a.m. February 28, 2014
| 0 Free Articles Remaining!

Tampa Bay-Lakeland

BUYER: DWSS St. Pete LLC (principals: Steven Stanley and Richard Willingham), Atlanta
SELLER: CRP II-Tarpon Springs LLC
PROPERTY: 1175 Pinellas Point Drive S., St. Petersburg
PRICE: $11 million

PLANS, DESCRIPTION: An Atlanta investment group purchased the 368-unit Mariners Pointe Apartments in St. Petersburg for $11 million.

The price equated to $29,891 per unit. That figure is lower than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.