Multifamily developer buys property near Mirror Lake
A New York-based firm known for its multifamily developments has closed on a vacant site near Mirror Lake.
The New Jersey-based Arlington Avenue North LLC entity sold a property on the corner of Arlington Avenue N. and Dr. Martin Luther King Jr. Street in a $10.75 million deal to Abacus Capital Group.
The property the Abacus Capital Group purchased, under the LLC AMFPVI Saint Petersburg, is currently used as a parking lot.
Abacus, which has multiple regional offices, seeks to achieve attractive, risk-adjusted returns through market cycles by acquiring, repositioning, developing and actively asset managing multifamily properties on behalf of its investors, according to its website.
Executives at the company were not immediately available to provide comments regarding the sale.
However, the firm’s investment in multifamily development is evident throughout Florida.
In Tampa, Abacus owns the Avion at Carrollwood. It also owns the Sage Palmer Ranch in Sarasota, the Mosaic at Miramar Town Center and St. Tropez in Plantation.
While the group has not confirmed the site would be redeveloped into a multifamily property as its portfolio suggests, the Mirror Lake neighborhood has seen a fair share of projects emerging, and investors sweeping in to claim the real estate.
Last week, HP Capital closed on the BridgePoint Church property, in the Mirror Lake neighborhood, where it plans to build an 18-story, 88-unit condo building called Reflection.
Earlier this year, BitNile Holdings Inc., an investment holding company that mines bitcoin and makes acquisitions through its subsidiaries, purchased the five parcels in the neighborhood for the development of a 22-story multifamily tower.
