The Drake at St. Pete, a 477-unit multifamily community located at 1699 68th Street N., St. Petersburg, sold for $61.58 million. The complex consists of studio, one-, two- and three-bedroom residences. The purchaser, Excelsa Properties, plans to spend $8 million on improvements at the property. The St. Pete Catalyst reports the seller, Brandywine Multifamily Partners LLC, purchased the property in 2020 for $55.33 million.

The four-building property sits on a 19.75-acre parcel of land. Building 1, where all 477 living units are situated, is a two-story structure built in 1972 with a base area of 338,192 gross square feet. Buildings 2, 3 and 4 are clubhouses and a leasing center built in 1972 and 1973 that range in size from 912 to 1,924 square feet. Community amenities include a 24-hour fitness center, three swimming pools, two dog parks and a picnic area.