“Saint Petersburg's current multifamily inventory averages 20 years in age, and there are simply no other development sites remaining in the immediate area that would accommodate a garden-style multifamily community like Azure,” says Goodman. “This lack of supply has created substantial pent-up demand for quality housing, which was demonstrated during Azure's rapid lease-up. The property is already 94% leased after being completed only one year ago.”

Azure is located at 540 Trinity Lane. That's in the center of the Tampa Bay market and 15 minutes from Downtown Saint Petersburg. Of course, Azure will soon have some splendid competition. Allen Morris Company and AIG Global Real Estate just broke ground on a $70 million multifamily project in Saint Petersburg called Hermitage Apartment Homes.

Bill Baumann, senior managing director of Kiser Group, tells GlobeSt.com multifamily has fueled the real estate recovery and should remain a strong performer in 2015. He points to demographics and lifestyle trends that continue to favor renting over buying.

“While the increase in supply from new rental projects certainly bears watching, the demand for rental housing remains robust,” Baumann says. “Apartments have benefited not only from a slowly improving economy with added jobs, but also from a still constrained lending environment for new home buyers and a growing trend among Millennials and baby boomers alike for renting versus buying.”

Passco has been an active buyer lately. The company spent $38 million on an Atlanta multifamily property in November. That was just before grabbing a South Carolina multifamily property for about $31 million in October.