Frontier Communities buys Bay Point Villas

BUYER: Bay Point RP Associates LLC (manager: Richard Payes), Silver Springs, Md.
SELLER: Bay Point Villas LLC
PROPERTY: 2150 62nd Terrace S., St. Petersburg
PRICE: $4.8 million
PREVIOUS PRICE: $2.73 million, February 2014
TITLE FIRM ON DEED: Assured Title Agency, Jupiter

PLANS, DESCRIPTION:
Silver Spring, Md.-based Frontier Communities purchased the 136-unit Bay Point Villas Apartments, formerly known as the Pinellas Point Apartments, for $4.8 million.

The price equated to $35,294 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.