ST. PETERSBURG, FL-Crosswind Apartment Homes has sold for $13.1 million. The 208-unit apartment property was built in 1986-87.
Cole Whitaker, a partner at Hendricks & Partners who heads the Southeast Division of the firm, along with associate partner Hal Warren, represented the seller, Chicago-based Equity Residential. Nashville-based Covenant Capital Group LLC acquired the property.
“For the past few years, you couldn’t do a value add because the rents weren’t there,” Warren says. “In this case, the asset interiors have not been upgraded. The buyer plans to do a substantial interior and exterior rehab.”
Located at 500 110th Ave. North, the property includes 13 two-story garden style apartments on 18.5 acres spanning 153,984 square feet. The property includes two laundry facilities, a fenced pet-play area, a swimming pool and spa, private Jacuzzi, racquetball and tennis courts, and clubhouse with fitness facility and business center.
“If you were to throw a dart at the map in Tampa, this is good location,” Warren says. “The property is directly between downtown St. Pete, downtown Tampa and downtown Clearwater. There are some major employers there and a lot of the multifamily product in that submarket went condo back in the condo heyday.”
Warren says the pricing was well below replacement costs, even with the rehab. He’s seeing an uptick in private investors waiting for opportunities like Crosswind Apartment Homes. “It’s no secret that equity residential is concentrating on core major infill mid- and high-rise projects,” Warren says. “Investors are looking for high rent growth markets and high barrier to entry markets.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
