NY apartment owner buys St. Pete's Charter House

BUYER: Charter House LLC (manager: Haralambos Geroulanos), Brooklyn, N.Y.
SELLER: Snook River Real Estate III LLC
PROPERTY: 3435 Third Ave. N., St. Petersburg
PRICE: $3.2 million
PREVIOUS PRICE: $2.5 million, October 2011

PLANS, DESCRIPTION:
A Brooklyn, N.Y.-based investor has acquired the 57-unit Charter House Apartments, in St. Petersburg, for $3.2 million.

When investor Haralambos Geroulanos committed to buy the complex comprising 48 one-bedroom, one-bathroom units and nine two-bedroom, two-bathroom units in March, it was fully occupied.

The seller, which purchased Charter House in 2011, painted the buildings, installed new mailboxes, carpeting and a security system, and added a glass-enclosed front entryway.  

The sellers, Bradenton real estate broker Lenny Longo and Swedish investors Eastomo Holdings Limited, hope to focus next on a rental community of more than 100 units.