Frontier Communities buys Bay Point Villas

BUYER: Bay Point RP Associates LLC (manager: Richard Payes), Silver Springs, Md.
SELLER: Bay Point Villas LLC
PROPERTY: 2150 62nd Terrace S., St. Petersburg
PRICE: $4.8 million
PREVIOUS PRICE: $2.73 million, February 2014
TITLE FIRM ON DEED: Assured Title Agency, Jupiter

PLANS, DESCRIPTION:
Silver Spring, Md.-based Frontier Communities purchased the 136-unit Bay Point Villas Apartments, formerly known as the Pinellas Point Apartments, for $4.8 million.

The price equated to $35,294 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.

Michael Regan and Francesco Carriera, vice presidents of investments in Marcus & Millichap's Tampa office, and Evan Kristol and Still Hunter III, senior vice presidents of investments in the firm's Fort Lauderdale office, handled the transaction.

The 42-year-old Bay Point Villas Apartments consists of seven two-story residential buildings and a one-story community building housing the leasing office, clubhouse and laundry facilities. The 8.64-acre property features 76 one-bedroom/one-bathroom units, 30 two-bedroom/one-bathroom units and 30, two-bedroom/two-bathroom units.

Earlier this year, the former owner remodeled the clubhouse and added new brick pavers around the swimming pool area.

“Bay Pointe Villas was a stabilized asset with room to raise rents through the continued improvement of unit interiors,” Regan says in a press release. “The Pinellas Pointe submarket seems to be on the rise with the renovation of Mariners Pointe and new, single-family homes being built in the market.”

Officials for Frontier Communities did not respond to a request for comment as of deadline. The company focuses on condominium and apartment properties principally in the District of Columbia and Maryland.