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Convexity Properties Sells Urban Style Flats in St. Petersburg for $46.3M

Novel Property Ventures Acquires 481 Units
January 11, 2018
Novel Property Ventures acquired the Urban Style Flats apartments at 310 10th St. S in St. Petersburg, FL for $46.25 million, or about $96,000 per unit, from Chicago-based Convexity Properties.

The 481-unit, 227,240-square-foot multifamily property was built between 1971 and 1978, situated within walking distance of many attractions such as Tropicana Field, the University of Florida’s St. Pete Campus and an up-and-coming waterfront pier in Pinellas County.

"Situated on the border of St. Petersburg’s Edge District, a 43-acre area currently undergoing economic revitalization, Urban Style Flats gives new ownership an opportunity to decrease the gap between current rents and that of surrounding ‘A’ product via strategic interior and amenity upgrades," said Michael Regan, a senior managing director with Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI)

Francesco Carriera and Michael Regan of IPA represented the seller and also procured the buyer, a New York-based investor making its foray into the Florida multifamily market.

Please see CoStar COMPS #4092700 for more information on this transaction.
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