ST. PETERSBURG, FL—Capstone Apartment Partners is pleased to announce the $2,275,000 sale of Aria Flats: a 16-unit, boutique mixed-use apartment asset located in St. Petersburg, Florida. Jad Richa, Brian Hunsicker, and Tom Huffsmith of Capstone’s Tampa office had the exclusive listing to market the property and successfully sourced the new-to-market buyer.
“The buyer was attracted to the vibrancy of Downtown St. Petersburg and the excellent market fundamentals that the Tampa Bay MSA has to offer,” said Brian Hunsicker. “Capstone’s team worked closely with the seller through an extensive capital improvement plan and repositioning of the asset prior to this transaction. The buyer intends to benefit from all recently completed work by being able to immediately focus on revenue-generating initiatives.”
“Ultimately our team was able to allow the seller to recognize a nearly 70% ROI through our advisory and marketing efforts of Aria Flats,” added Tom Huffsmith. “This transaction is another testament to the continued strength of multi-family assets in today’s market, where we are seeing heightened interest from out-of-state and new-to-market investors.”
Aria Flats is located at 3554 1st Ave. N. in St. Petersburg. It was built in 1963 and is comprised of 16 one-bedroom apartment units with rental rates between $995-$1025, as well as approximately 4,104-square feet of ground floor commercial space.