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St. Petersburg MF Portfolio Trades for $11M

CBRE has brokered the $10.5 million sale of Old Southeast Portfolio, a seven-property multifamily portfolio in St. Petersburg. The portfolio was acquired by Otto Investment Group. Joseph Thavis and Cameron Barbas of CBRE represented both Otto Investment Group and the seller, Second Half Properties, in the transaction.

The properties are located at 2026 4th St. South, 2800 4th St. South, 2729 4th St. South, 674 22nd Ave. South, 2410 4th St. South, 1101 16th St. South and 2624 4th St. South.

“The seller maintained rental collections above 95% throughout April and May, which reiterates the positive rental trend seen for St. Petersburg and the overall Tampa MSA,” said Thavis. “New ownership intends to implement both interior and exterior improvements to fully benefit from the evolution of the robust growth of the south St. Petersburg sub-market.”

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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.

  • ◦Sale/Acquisition
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