Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ST. PETERSBURG, FL-NAI Tampa Bay represented Tampa-based Sage Partners LLC in the $6.8-million purchase of the Columbian Senior Apartments, a 188-unit building at 518 Third Ave. The seller was Jacksonville-based Demetree Bros., which has owned the 12-story building in Downtown St. Petersburg for more than 25 years.

The tax-exempt bond financed transaction took at least a year to complete and is one of the first of its kind to close in the US, as well as Florida’s first from the 2008 affordable housing cycle. The deal was made more challenging because of broader market forces, according to Casey Babb, senior associate with NAI Tampa Bay.

“This deal was a true test of resiliency on the buyer’s part as they were able to overcome numerous setbacks brought on by the global credit crunch and in the face of budget cuts in Tallahassee and a rapidly declining real estate market,” says Babb, who worked with fellow associate Bill Renje on the transaction. The new owner plans major improvements both within and outside the complex, which was built in the 1970s.

NAI Tampa Bay has closed five multifamily transactions in the local market dating back to December 2008. It has several other pending sales set to close later this year.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.