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St. Pete Class B Multifamily Sets High-Water Mark

TAMPA, FL-CBRE's John Selby tells GlobeSt.com's Jennifer LeClaire the desirable location and excellent condition drove a premium on the asset.

By Jennifer LeClaire | Updated on December 05, 2011

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.

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