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ST. PETERSBURG, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $37.5 million sale of Emerald Pointe, a 441-unit multifamily community in the Tampa Bay metro of St. Petersburg. Frank Carriera and Michael Regan of IPA arranged the transaction on behalf of the undisclosed seller and buyer. Constructed in 1974, Emerald Pointe includes studio to three-bedroom units and features a fitness center, pool, pet play area, car wash area, a clubhouse and laundry facilities. The new ownership plans to implement a value-add program to increase revenue over the first two years.