Safety Harbor real estate investor buys Fountain Court Apartments

BUYER: Park View Resort Inc. (principal: Bob Nikolic), Safety Harbor
SELLER: Breitfellner LLC
PROPERTY: 600 40th St. N., St. Petersburg
PRICE: $3.09 million
PREVIOUS PRICE: $2.5 million, March 2004
LAW FIRM ON DEED: Tampa Bay Title, St. Petersburg

PLANS, DESCRIPTION: A purchase entity, led by Bob Nikolic of Safety Harbor, purchased the 62-unit Fountain Court Apartments for $3.09 million.

The price equated to $49,839 per unit.

Built in 1968, the 53,782-square-foot Fountain Court Apartments features two two-story buildings and two three-story buildings. Units range in size from 624 to 1,830 square feet and average 867 square feet. Community amenities include a swimming pool, clubhouse and laundry facility. The property was renovated within the last two years with new roofs, updates to the pool, elevators, exteriors, courtyard and the interiors of select units.

The apartment complex was 95% occupied at the time of the sale.

Francesco “Frank” Carriera, Michael Regan and Joshua Teplitzky in Marcus & Millichap's Tampa office handled the transaction.