S. Florida Investors Buy St. Petersburg Condo Conversion

ST. PETERSBURG, FL-A South Florida investment group purchased a condominium conversion property in this Gulf Coast city with two loans crafted for 85% and 92% of the purchase price. Hudson Capital LLC bought the 384-unit, 24-building Waterford Apartment Homes here for an estimated $37 million with $32.1 million in financing.

Hudson partners Andrew and Neil Greenbaum, Seth Frohlich, Abraham and Eric Galbut acquired the garden-styled property at 10263 Gandy Blvd. from the $105-billion California State Teachers Retirement System (CalSTERS) of Sacramento, CA, the second largest pension fund in the US next to its sister fund, the $150-billion California Public Employees Retirement System (CalPERS).

The 32-acre property has one-bedroom and two-bedroom units which average 849 sf per unit. The property is near Interstate 275 and two international hotels in the Tampa Bay area.