Urban Style Flats, former public housing redeveloped into millennial-geared apartments in St. Pete, is for sale
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jun 3, 2015

A former public housing complex that was renovated into apartments geared toward millennials is on the market.

Urban Style Flats, which is near Tropicana Field at 300 10th St. S in St. Petersburg, is being marketed for sale by executive director Byron Moger and director Joe Beaudoin of Cushman & Wakefield of Florida Inc. in Tampa.

The 481-unit apartment complex was built as public housing in the 1970s. In 2010, developer Phil Farley paid $6.8 million for the properties- then known as Graham Park and Rogall Congregate, which served as a home for elderly, handicapped and disabled residents in downtown St. Petersburg.

Farley spent $11.6 million renovating the property, according to marketing materials from Cushman & Wakefield. The property is 97 percent occupied and units rent for an average of $801 per month - about $500 less than apartments in the heart of downtown St. Pete.

The average unit size is 473 square feet.

Investor appetite for urban properties throughout Tampa Bay has remained strong in 2015. Fusion 1560, an apartment community just minutes from Urban Style Flats, sold recently for more than $176,000 per unit.

The apartments in The Slade, a fractured condominium tower in Tampa's Channel district, also are on the market.