Pinellas' Brookside Gardens sells for $975,000

BUYER: Karlin LLC (principals: Dmitry Karlin and Nikolay Shulgin and Nikolay Inkin), Seminole

SELLER: City National Bank

PROPERTY: 1111-1135 Pinellas Ave., Clearwater

PRICE: $975,000

PREVIOUS PRICE: $2.25 million, August 2007

LAW FIRM ON DEED: Fowler White Boggs PA, Tampa

PLANS, DESCRIPTION: A Seminole company led by Nikolay Shulgin, Dmitry Karlin and Nikolay Inkin purchased the distressed 44-unit Brookside Gardens for $975,000.

The price equated to $22,159 per unit.

Built in 1960, but partially renovated in 2004, the development features eight efficiencies, 12 one-bedroom/one-bathroom, 22 two-bedroom/one-bathroom and two three-bedroom/one-bathroom units.

The buyers plan to rehab the property and stabilize it.

Enon Winkler, Jad Richa and Nicholas Ledvora of Sperry Van Ness Florida represented the seller, City National Bank.

The property's infill location in Pinellas County helped attract strong interest and multiple offers, according to Winkler.

“We continue to see strong investor demand in B/C (class) assets in the Tampa Bay MSA, due to continued rental growth and rising occupancy rates,” Richa says in a press release. “While cap rates continue to compress, this class of asset still represents a strong investment vehicle for private investors and their equity partners.”