A large apartment complex near the southern tip of St. Petersburg has sold to a New York real estate investment firm for $56 million.
Axonic Properties, which owns a handful of apartment and condo properties around Tampa Bay, snapped up the Osprey Pointe Apartments in Pinellas Point on June 22, according to a deed filed with Pinellas County. The seller was a consortium of limited partnerships and limited liability corporations based in Iowa.
The 517-unit complex at 1900 55th Ave. S, formerly known as the Queensmark Apartments, was built in 1974. Formerly known as the Queensmark Apartments, the complex rebranded as Osprey Pointe in the early 2010s.
In a statement, Darron Kattan of Tampa commercial real estate firm Franklin Street, which brokered the deal, said Pinellas Point’s proximity to the beach has made it an “increasingly in-demand rental market.”
“The demand for multifamily investments in Tampa Bay continues to skyrocket, and the market’s solid demographic trends and rent growth is allowing values to push to new highs every day,” Kattan stated.
For Axonic Properties, it’s the latest in a series of condo and apartment deals throughout Florida, including at least nine in Tampa Bay.
In 2019, Axonic paid more than $60 million for the 354-unit Marquis of Tampa in Tampa; and more than $7 million for a stake in the 240-unit Enclave at Sabal Pointe, also in Pinellas Point.
Over the last decade, the company has also purchased and subsequently sold six other apartment and condo complexes around Tampa Bay, according to its website. Axonic sold one property, Hanley Place Apartments in Tampa, for $42 million; and another, the Heritage at Temple Terrace Apartments, for nearly $16 million.