The 189-unit Shady Oaks Apartments in the Pinellas County community of Kenneth City has sold for $7.1 million, or $37,566 per unit and $46.09 per square foot.

Built in two phases in 1972 and 1974, Shady Oaks is located at 5870 56 Ave. N. The property consists of five, three-story buildings spread across 7.17 acres. The units average a little larger than 800 square feet.

The sale, which closed last month, is the first trade of the 40-year-old property.

Two offices of Franklin Street Real Estate Services, one in Miami, near the seller and the other in Tampa, close to the property and the buyer, collaborated on the deal.

Deme Mekras and Elliot Shainberg partnered with the multifamily Tampa team including Darron Kattan, Bob Goldfinger, Kevin Kelleher and Zach Ames to represent the seller.

"The market responded aggressively and we received multiple full-price offers,” Kattan said in a Thursday statement. "Ultimately, the buyer chosen had a proven track record of buying and operating similar communities in the area and closed at 99 percent of our asking price.”

Mark Holan's beats include commercial real estate and residential real estate