Michigan real estate firm McKinley buys Liv @ Boca Ciega waterfront apartments

BUYER: McKinley Gulf of Mexico LLC, Ann Arbor, Mich.
SELLER: Liv at Boca Ciega LLC
PROPERTY: 1824 Shore Drive S., South Pasadena
PRICE: $6 million
PREVIOUS PRICE: $3.5 million, March 2013
LAW FIRM ON DEED: Johnson Pope Bokor Ruppel & Burns LLP, St. Petersburg

PLANS, DESCRIPTION:
Ann Arbor, Mich.-based real estate firm McKinley Inc. purchased the 50-unit Liv @ Boca Ciega apartments in South Pasadena for $6 million.

The price equated to $120,000 per square foot. That figure is higher than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

The waterfront apartment community, designed by prominent local architect William B. Harvard Sr., was built in 1972 and renovated in 2013 and last year. It includes six two- and three-story buildings on 1.64 acres backing up to Boca Ciega Bay.

Casey Babb and Luis Baez in Marcus & Millichap's Tampa office handled the transaction.

“Given that this is a waterfront property with concrete block construction, the sale price was actually below replacement cost, in our opinion,” Babb says in a press release. “In addition, the property recently received a major capital infusion to modernize the unit interiors, property exteriors and common area amenities, which in turn has caused rents to trend on a nice upward trajectory.”

McKinley owns more than 35,000 residential units and more than 21 million square feet of office and retail space.

The purchase entity, McKinley Gulf of Mexico LLC, mortgaged the property to The PrivateBank and Trust Co. for $8.85 million.