St. Pete business owners buy apartments

St. Pete business owners buy apartments

BUYER: CPN Holdings LLC (principals: Thien, Catherine, Ha Thuy and Peter Nguyen), St. Petersburg

SELLER: Gabby Properties LLC

PROPERTY: 550 50th Ave. N., St. Petersburg

PRICE: $1.37 million

PREVIOUS PRICE: $2.5 million, May 2005

TITLE FIRM ON DEED: Seminole Title Co., Seminole

PLANS, DESCRIPTION: CPN Holdings LLC, a purchase entity headed by the Nguyen family of St. Petersburg, purchased the 40-unit The Ambassador apartment complex on 50th Avenue east of Seventh Street for $1.37 million. The purchase price equated to $34,250 per unit.

The Nguyens, who run RF/Microwave component manufacturer Microwave Communications Laboratories Inc., bought the development in an all cash transaction as an investment.

The 40-year-old development was built using concrete block construction and occupies a 1.23-acre parcel. The Ambassador features 11 one-bedroom/one-bathroom units and 29 two-bedroom/one-bathroom units.

Francesco P. Carriera and Nicholas Meoli in Marcus & Millichap's Tampa office handled the transaction.