Nonprofit buys Citrus Grove Apartments

BUYER: Citrus Grove Apartments LLC (The Banyan Foundation Inc.), St. Petersburg
SELLER: Citrus Grove Affordable LLC
PROPERTY: 731 15th St. S., St. Petersburg
PRICE: $3.54 million
PREVIOUS PRICE: $2.4 million, May 2012
ATTORNEY ON DEED: Peter M. Wright Esq., Atlanta

PLANS, DESCRIPTION:
The St. Petersburg-based nonprofit Banyan Foundation purchased the 84-unit Citrus Grove Apartments for $3.54 million.

The price equated to $42,083 per unit. That figure is less than the average price per unit ($70,803) for multifamily space in the Tampa Bay area, according to the CoStar Group.