St. Petersburg buyers acquire The Colton Apartment

BUYER: The Colton Apartments LLC (managers: Nicole Matoushek and Phillip Herlein), St. Petersburg
SELLER: Mayacon LLC
PROPERTY: 249 Fourth Ave. N., St. Petersburg
PRICE: $1.2 million

PREVIOUS PRICE: $1.2 million, June 2003
LAW FIRM ON DEED: Fidelity National Title of Florida Inc., Clearwater

PLANS, DESCRIPTION:
A company led by Nicole Matoushek and Phillip Herlein of St. Petersburg purchased the 17-unit The Colton Apartment for $1.2 million.

The price equated to $70,588 per unit. That figure is in line with the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

Located near Vinoy Park and the St. Petersburg Pier, the property features a three-story building with five studio units, nine one-bedroom/one-bathroom units and three two-bedroom/one-bathroom units. It also houses a laundry facility. The interiors of the units have been upgraded with hardwood flooring and ceramic tile in the kitchens and bathrooms.

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

“This asset was extremely well located in the heart of downtown St. Petersburg,” Teplitzky says in a press release. “This property received a great deal of interest due to the ongoing developments in downtown and expanding local St. Petersburg economy.”

The purchase entity, The Colton Apartments LLC, mortgaged the property to Pilot Bank for $937,500.