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South St. Petersburg apartments sell for $16.8 million amid ‘robust growth’

One broker involved in the deal said the properties could cater to both market-rate and affordable tenants.
The Atlas, a 32-unit apartment complex at 2800 Fourth St. S, was among a group of seven apartment properties in south St. Petersburg sold by local investors to a New York investor in December.
The Atlas, a 32-unit apartment complex at 2800 Fourth St. S, was among a group of seven apartment properties in south St. Petersburg sold by local investors to a New York investor in December. [ CBRE ]
Published Dec. 23, 2021|Updated Dec. 23, 2021

A group of seven apartment properties in south St. Petersburg have sold to a New York investor aiming to capitalize on the real estate market potential south of downtown.

Five of the complexes are located between the 2000 and 2800 blocks of Fourth Street S: The 32-unit Atlas, the 23-unit Astoria, the 20-unit Avalon, the 6-unit Rose and the 14-unit St. Pete Gardens. Another, Park View, encompasses 20 units at 674 22nd Ave. S, while the Ruby at 1101 16th St. S has 12 units.

Pinellas County records show the portfolio changing hands between the properties’ local partners and the New York company, Sabal Palms Owners LLC, through four separate Dec. 17 transactions totaling more than $16.8 million.

“The sale of the Sabal Palms portfolio speaks to the evolution of the St. Petersburg market as 2020 Old Northeast values move to the south side,” Joseph Thavis, part of a CRBE group that represented both the buyer and sellers, said in a statement. “With progress underway on the Tropicana site and large-scale projects like Residences at 400 Central and Orange Station at the Edge coming out of the ground, there’s no end in sight to the robust growth in St. Petersburg.”

One of the sellers, Konstantin Sidorov, the CEO of Maehren Investment Corp., said in a statement that the sale “exceeded our expectations and demonstrated strong demand for stabilized properties.”

Cameron Barbas, one of the CBRE representatives who brokered the deal, said in a statement that the apartments had the potential “to take advantage of the extraordinary growth within downtown St. Petersburg, while catering to both market-rate and affordable tenants.

“It’s exciting to see this vision come full circle in this sale,” Barbas said.

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