Michigan real estate firm McKinley buys Liv @ Boca Ciega waterfront apartments

BUYER: McKinley Gulf of Mexico LLC, Ann Arbor, Mich.
SELLER: Liv at Boca Ciega LLC
PROPERTY: 1824 Shore Drive S., South Pasadena
PRICE: $6 million
PREVIOUS PRICE: $3.5 million, March 2013
LAW FIRM ON DEED: Johnson Pope Bokor Ruppel & Burns LLP, St. Petersburg

PLANS, DESCRIPTION:
Ann Arbor, Mich.-based real estate firm McKinley Inc. purchased the 50-unit Liv @ Boca Ciega apartments in South Pasadena for $6 million.

The price equated to $120,000 per square foot. That figure is higher than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.