Two Southwest Florida Multifamily Properties Sell for a Combined $31 Million

Institutional Property Advisors (IPA) has arranged the sale of two South Florida multifamily communities — the 276-unit Sienna Bay Apartments in St. Petersburg and the 243-unit Monterrey Apartments in Venice.

The 261,100 sq. ft. Sienna Bay Apartments traded for $19.5 million, or $70,707 per unit and $75 per sq. ft. The 184,791 sq. ft. Monterrey Apartments commanded $11.5 million, or $47,531 per unit and $63 per sq. ft.

DT Group Development Inc. sold Sienna Bay Apartments to Harbor Group International LLC. Meanwhile, Fairfield Residential Co. LLC sold the Monterrey Apartments complex to Beachwold Residential LLC.

Jamie May, an IPA broker based in Tampa, represented all of the parties in both transactions. IPA is a division of Encino, Calif.-based Marcus & Millichap Real Estate Investment Services.

“The opportunity to buy large, high-quality, full-service properties in a market where tenant demand for such assets remains strong continues to attract investors,” says May. “Sienna Bay Apartments is well positioned to outperform the market due to extensive recent renovations and its excellent location.”

Located on 18.8 acres at 10601 4th St. North in St. Petersburg, Sienna Bay Apartments was completed in two phases in 1974 and 1985. The property includes 29 two-story residential buildings with floor plans averaging 946 sq. ft.

The amenities at Sienna Bay Apartments include two swimming pools, tennis courts, a fitness center with cardio-theater and a business center with an Internet café.

Monterrey Apartments enjoys limited competition, according to May, and is one of only four apartment properties in the Venice market. “With no new developments planned, Monterrey is poised to enjoy a long period of strong performance.”

Completed in 1987 and located at 1001 Center Road in Venice, Monterrey Apartments is a garden-style apartment community with a brick façade and wood architectural accents.

Only minutes from Interstate 75, Gulf Coast beaches, shopping, dining and recreation, the property is tucked away in a secluded, 25-acre setting. Monterrey Apartments offers two swimming pools, a Jacuzzi, fitness center, lake views and an on-site leasing and management office.

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