Fifth Avenue Apartments Going Condo

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Fifth Avenue Apartments in St. Petersburg has been sold to Vision 193 LLC for $16.5 million. The price represents $85,492 per unit and $103.62 per square foot. Marcus & Millichap Real Estate Investment Brokerage Co. handled the sale for both buyer and seller.

Fifth Avenue Apartments, built in 1969, is a 193-unit garden-style apartment community with eight 4-story buildings on 6 acres.

The units were delivered to the buyer free of debt and Vision 193 intends to convert the apartments to condos, Marcus & Millichap said in a release.