Georgia investment group buys, rebranding Mariners Pointe Apartments

BUYER: DWSS St. Pete LLC (principals: Steven Stanley and Richard Willingham), Atlanta
SELLER: CRP II-Tarpon Springs LLC
PROPERTY: 1175 Pinellas Point Drive S., St. Petersburg
PRICE: $11 million

PLANS, DESCRIPTION: An Atlanta investment group purchased the 368-unit Mariners Pointe Apartments in St. Petersburg for $11 million.

The price equated to $29,891 per unit. That figure is lower than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

John Burpee and T. Sean Lance of NAI Tampa Bay handled the transaction. The seller was a Texas-based fund.

The new owner plans extensive renovations to the property. The brokers report the units will receive complete interior rehabs with new countertops, cabinets, lighting, plumbing and appliances as well as exterior upgrades. The complex will also be renamed and gated.

“The south St. Petersburg submarket provides great value-add opportunities and this property will benefit from an infusion of capital combined with a top-to-bottom renovation and new management,” Burpee says in a press release. “The buyer has extensive experience in turning around challenged properties such as this and the surrounding community will be impressed with the end result once it is completed.”