Snell Isle apartments sell for $32 million

BUYER: TI Resort LLC (85.04% interest), T.I. 105th Street LLC (11.38%), WBR Raccoon LLC (1.94%) and MCR Raccoon LLC (1.64%), Cleveland
SELLER: Snell Isle Club Partners LLC
PROPERTY: 1515 Eden Isle Blvd. N.E., St. Petersburg
PRICE: $32 million
LAW FIRM ON DEED: DLA Piper LLP (US), Tampa

PLANS, DESCRIPTION:
Cleveland-based property management firm Burton Carol Management LLC purchased the 272-unit Snell Isle Luxury Waterfront Apartment Homes for $32 million.

The price equated to $117,647 per unit. That figure is more than the current average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.