TAMPA, FL-In yet another year-end multifamily deal in the Tampa Bay area, the Isles of Gateway has traded for $16.82 million. The 212-unit apartment community is located in St. Petersburg’s Gateway submarket.

CBRE senior vice presidents John Selby and Jim Bobbitt, who lead the CBRE Multi-Housing Group team in Tampa, brokered the deal for CAPREIT, which owns and manages multifamily housing communities across the US. Robbins Property Associates snapped up the asset. The acquisition was financed with a new seven-year Freddie Mac loan.

“The Gateway submarket is one of the Tampa Bay area’s best performing submarkets with an average occupancy of 93.5% compared to the overall metro area occupancy of 92.7%,” Selby tells GlobeSt.com. “Additionally, rents in the Gateway submarket average just over $800 a month while the average rental rates at Isles of Gateway were approximately $920 a month at the time of sale.”