Miami investor Altis buys Skyline Fifth apartment

BUYER: Altis Aju Skyline LLC (principal: Frank Guerra), Miami

SELLER: Skyline Fifth Avenue US LP

PROPERTY: 441 33rd St. N., St. Petersburg

PRICE: $19.5 million

PREVIOUS PRICE: $17.13 million, June 2011

LAW FIRM ON DEED: Steinberg Garellek, Boca Raton

PLANS, DESCRIPTION: Altis LLC, a purchase entity led by Frank Guerra of Miami, purchased the 178-unit Skyline Fifth apartment complex for $19.5 million.

The price equated to $109,550 per unit.

Located in the Kenwood area of St. Petersburg near Interstate 275 and St. Pete Beach, the property features one- and two-bedroom units in nine floor plans. The property was constructed in 1962, but was completely renovated in 2009.

The gated development was 97% occupied at the time of the sale. Community amenities include a swimming pool, cardio center and a cafe lounge.

An HFF team, led by Elliott Throne and Manny de Zárraga, represented Altis in the creation of a $15.6 mllion loan with Freddie Mac for the purchase. The 10-year loan was at a 3.71% fixed interest rate.

“The borrower locked in great, long-term financing on a practically brand new asset whose local popularity is evidenced by its very high occupancy,” Throne says in a press release.