Nonprofit buys Citrus Grove Apartments

BUYER: Citrus Grove Apartments LLC (The Banyan Foundation Inc.), St. Petersburg
SELLER: Citrus Grove Affordable LLC
PROPERTY: 731 15th St. S., St. Petersburg
PRICE: $3.54 million
PREVIOUS PRICE: $2.4 million, May 2012
ATTORNEY ON DEED: Peter M. Wright Esq., Atlanta

PLANS, DESCRIPTION:
The St. Petersburg-based nonprofit Banyan Foundation purchased the 84-unit Citrus Grove Apartments for $3.54 million.

The price equated to $42,083 per unit. That figure is less than the average price per unit ($70,803) for multifamily space in the Tampa Bay area, according to the CoStar Group.

The community features seven, three-story concrete block apartment buildings with pitched single roofs on 3.16 acres of land. Its amenities include a perimeter wall, stand-alone leasing office, laundry facilities and a playground. The 43-year-old property was renovated in 2012 and 2013. Units range from one to four bedrooms.

Casey Babb of Marcus & Millichap's Tampa office represented the buyers.

“Citrus Grove is a local real estate success story. It has gone from a blighted, dangerous property with depressing living conditions in 2011, through a HUD-driven change of ownership and extensive rehab between 2012 and 2013, and now another change of ownership has placed it back into the hands of a local not-for-profit ownership as a clean, safe and vibrant community,” Babb says in a press release.
“We are happy to have been involved in both sales and trust that the property is now under a much more capable owner/operator and in good hands for the long-term.”