Michigan real estate firm McKinley buys South Pasadena's Three Fountains

BUYER: McKinley Gulf of Mexico LLC, Anna Arbor, Mich.
SELLER: Fred Hendricks Jr.
PROPERTY: 6740 Gulfport Blvd. S., South Pasadena
PRICE: $5.6 million
PREVIOUS PRICE: $1.7 million, February 2003
LAW FIRM ON DEED: Broad and Cassel, Boca Raton

PLANS, DESCRIPTION:
McKinley Inc. purchased the 59-unit Three Fountains apartments for $5.6 million.

The price equated to $94,915 per unit. That figure is higher than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.

Built in 1969, the apartment consists of two, three-story residential buildings on 1.48 acres south of Pasadena Shopping Center. It features 47 one-bedroom/one-bathroom units, nine two-bedroom/one-bathroom units and three two-bedroom/two-bathroom units. Amenities include two laundry facilities, a playground, waterfront views and a private fishing dock.

Francesco Carriera and Michael Regan, vice presidents of investment in Marcus & Millichap's Tampa office, handled the transaction.

“This property has been held in a family trust for over 30 years,” Carriera says in a press release. “The buyers plan on keeping with this tradition and after a full interior and exterior renovation of the entire property has been completed, they plan on holding this irreplaceable piece of waterfront property in their portfolio for many years.”

The Ann Arbor, Mich.-based real estate firm owns more than 35,000 multifamily residential units and more than 21 million square feet of office and retail space.