Times Square Properties buys two St. Pete apartments

BUYER: A Voice From A High LLC (principal: Robert Repko), St. Petersburg
SELLER: Exclusive Designs of Florida Inc.
PROPERTY: 236 10th Ave. N.E., St. Petersburg
PRICE: $600,000
PREVIOUS PRICE: $175,000, January 1997

BUYER: Loser LLC (principal: Robert Repko), St. Petersburg
SELLER: Exclusive Designs Florida Inc.
PROPERTY: 745 Second Ave. N., St. Petersburg
PRICE: $800,000
PREVIOUS PRICE: $327,000, June 1998
LAW FIRM ON DEED: Bayshore Title Insurance Agency, Tampa

PLANS, DESCRIPTION: St. Petersburg real estate mogul Maryann Lynch of Times Square Properties purchased two St. Petersburg apartment complexes for $1.4 million.

The price equated to $36,842 per unit.

The Carmarwin and 236 10th Ave. N.E. multifamily buildings are roughly a mile and half from each other, but were sold together as a portfolio from a single seller. The two feature a combined 38 units. Both facilities offer on-site laundry facilities.

The occupancy was in the high 90% range for the portfolio, with only one or two vacancies.

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

“They needed a little TLC,” says Meoli. “The exteriors needed some updating, mainly new paint. But the interiors of the units were fine. That market is very well stabilized. Most of the market is 92% to 95% occupied.”

Lynch owns a number of similar apartment properties in St. Petersburg, with an emphasis on downtown, along with rental homes and commercial space. She is a long-term holder of real estate and is expected to retain these properties for their rental income.