Commercial Real Estate, Capital, Insurance, Leasing & Management

Tampa Bay Business Journal: St. Petersburg apartments sell to California investors for $7.25 million

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A boutique apartment building in St. Petersburg has sold for $7.25 million.

Aqua 550, located at 550 50th Ave. N, sold to California-based private investors on June 19. The 40-unit complex has undergone a series of recent renovations. The sale price breaks down to $181,250 per unit.

The site is approximately 1.23 acres. It was built in 1969 and renovated in 2022.

It last sold in November 2021 for $6.15 million, according to a deed filed in Pinellas County. The property was marketed for sale by Avery Jordan, Darron Kattan, Mark Savarese and Cary Brown of Tampa-based Franklin Street.

According to the property’s marketing materials, 20 of the units have been renovated. Amenities include a swimming pool, dog park, laundry facilities and a grilling area. In total, there has been approximately $560,000 in recent capital improvements. There are 11 one-bedroom units and 29 two-bedroom units.

Read more here from Tampa Bay Business Journal.

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