St. Petersburg apartments sell to California investors for $7.25 million
By Breanne Williams
Tampa Bay Business Journal
Published: Jun 29, 2023

A boutique apartment building in St. Petersburg has sold for $7.25 million.

Aqua 550, located at 550 50th Ave. N, sold to California-based private investors on June 19. The 40-unit complex has undergone a series of recent renovations. The sale price breaks down to $181,250 per unit.

The site is approximately 1.23 acres. It was built in 1969 and renovated in 2022.

It last sold in November 2021 for $6.15 million, according to a deed filed in Pinellas County. The property was marketed for sale by Avery Jordan, Zachary Ames and Mark Savarese of Tampa-based Franklin Street.

According to the property's marketing materials, 20 of the units have been renovated. Amenities include a swimming pool, dog park, laundry facilities and a grilling area. In total, there has been approximately $560,000 in recent capital improvements. There are 11 one-bedroom units and 29 two-bedroom units.

The two-story apartment building is 10 minutes from downtown St. Petersburg. It lies across from the Bay Breeze Cove Townhomes and is within walking distance of Starbucks and Red Mesa.

It is also near the Royal Palms on 4th shopping plaza, which includes Orangetheory Fitness, Earl of Sandwich and AT&T. Aqua 550 is one block from Fourth Street North and is five minutes away from Interstate 275.