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CBRE Facilitates Portfolio Sale of Seven Multifams in St. Petersburg
CBRE has arranged the sale of the Sabal Palm Portfolio, a seven-property, 127-unit multifamily portfolio in St. Petersburg, FL.
- The Atlas, 32 units
- The Astoria, 23 units
- The Avalon, 20 units
- Park View, 20 units
- St. Pete Gardens
- The Ruby, 12 units
- The Rose, six units
Financials were not disclosed for the 97% occupied portfolio.
CBRE Capital Markets in Tampa represented both the buyer, a private investor out of New York, and sellers, a partnership between The Otto Investment Group, HUMI Holdings and Jakob Maehren.
“The sale of the Sabal Palms Portfolio speaks to the evolution of the St. Petersburg market as 2020 Old Northeast values move to the south side,” said CBRE’s Joseph Thavis. “With progress underway on the Tropicana site and large-scale projects like Residences at 400 Central and Orange Station at the Edge coming out of the ground, there’s no end in sight to the robust growth in St. Petersburg.”
Photo: The Atlas
- ◦Sale/Acquisition
