A St. Petersburg firm has partnered with Boston investors to acquire rental units in The Slade.
Source: www.bizjournals.com
The Slade at Channelside recently sold and at $186,000 per unit, the price is less than some other Channel district properties fetched — Pierhouse sold for $214,000 per door in early 2014.
Built in 2009, The Slade is one of the older apartment properties in the Channel district and faces competition from several newcomers, including the SkyHouse, a 23-story tower that wrapped up construction this summer and is already for sale.
That said at less than $190 per square foot, the purchase price is actually well below replacement costs. Additionally, the project was originally built as condos and the sale represented 214 out of the 294 units, in addition to 11,500 square feet of retail space.