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ST. PETERSBURG, FL-In an all-cash deal, United Dominion Realty Trust Inc. has acquired the 464-unit, 89%-leased Inlet Bay at Gateway Apartments here for $30.7 million or an average $66,164 per unit.

The Richmond, VA-based REIT didn’t disclose the seller’s name in a statement. “We do not provide the seller information for our acquisitions,” United’s Kathleen Hughes tells GlobeSt.com. However, the seller’s name will be disclosed when the transaction is recorded with county real estate records.

United plans to invest another $2.2 million in the first year of operations at the site which is about 80 miles west of Downtown Orlando. Average asking rent at the 15-year-old property is $852 per month for an average 969 sf of living area.

Phase I, built in 1988, has 196 apartments housed in 21 two-story buildings. Phase II consists of 268 units in 23 three-story buildings. The community has been developed at a combined low density of 8.14 homes per acre.

The property is strategically located in the Gateway submarket, about one mile south of Interstate 275 and a half mile from Old Tampa Bay. United says the Gateway market has 14.6 million sf of office, retail and industrial space and is within a 20-minute drive of about 20.8 million sf of additional office space located in the central business districts of Tampa and the Westshore submarket.

The purchase price equates to a cap rate of 6.8%, based on forward 12 months of operations, less a $435 per-home reserve for capital expenditures, the statement says.

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