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ST. PETERSBURG, FL-Locally based apartment operator Mallah Enterprises has acquired the 144-unit Gateway Apartment complex at 2000 Gandy Blvd. N for $7.8 million, or $54,000 per unit. The seller was Miami-based investment firm 2000 Gandy LLC.

2000 Gandy acquired the property through Burpee in 2005 with plans to convert the property into condominiums. However, with the softening of the condo market, the company decided to nix plans for the conversion and sell the complex. Mallah plans to operate the property as a market rate rental community. The complex has one-bedroom, one-bathroom units that are 600 sf, with rents starting at $695.

NAI Tampa Bay president John Burpee, who is also chairman of NAI Global's multifamily group, represented both the buyer and seller. "We were able to list, sell and close the transaction in only 45 days since both buyer and seller are former clients," Burpee says.