ST. PETERSBURG, FL – BH Equities has sold a 517-unit multifamily property in St. Petersburg, FL to New York-based, Axonic Properties LLC for $56 million.
The purchase price of the off-market transaction equates to $108,317 per unit.
The garden-style apartment community, Osprey Pointe Apartments, offers one-bedroom and two-bedroom floorplans, which range from 625 square feet to 1,058 square feet. The property features a tennis court, a fenced playground area, a dog park, a swimming pool and sundeck and on-site professional management and maintenance.
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Located at 1900 55th Ave. S., the community situated near I-275, US 19 and in close proximity to St. Pete Beach.
Axonic Properties plans to make significant improvements to the property, which was originally constructed in 1974.
"We are excited to add more units in this submarket and recognize the potential in this particular location, as we currently own and operate the adjacent 240-unit property west of Osprey Pointe, Enclave at Sable Pointe," says Jonathan Shechtman, managing principal at Axonic Properties.
Franklin Street's Tampa multifamily investment sales team, comprising Darron Kattan, Zach Ames, Avery Jordan and Mark Savarese, arranged the sale.
"The demand for multifamily investments in Tampa Bay continues to skyrocket, and the market's solid demographic trends and rent growth is allowing values to push to new highs every day," states Kattan. "Osprey Pointe Apartments offered an attractive opportunity to acquire 517 units in the Pinellas Point submarket, which with its proximity to the beach, downtown and a significant amount of new development, is becoming an increasingly in-demand rental market."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
