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Florida & Gulf Coast  + Central Florida  + Apartments  |  February 19, 2020
David Cohen
By: David Cohen

CBRE Arranges $18M Sale of St. Petersburg MF Property

CBRE has brokered the $17.6 million sale of The Madeira, a 138-unit multifamily property in St. Petersburg. Francesco Carriera and Michael Regan of CBRE brokered the sale on behalf of the seller, Axonic Properties. The buyer was GPK Holdings.

Located at 7533 38th Avenue North, the property is nearby the Gulf Coast beaches as well as downtown St. Petersburg.

“Since 2016, previous ownership of The Madeira invested heavily into improving the exterior of the building in addition to the interior value-add,” said Carriera. “This was highly appealing to the buyer pool, and as both job and rent growth remain strong, we saw the strong demand for 1970s and 1980s value-add assets in Pinellas County.”

Connect South Florida is coming to Key Biscayne on Feb. 26, 2020. For more information, or to register, click here.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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