Carillon apartments sell for $64 million

A Canadian investment firm has bought Promenade at Carillon, a 334-unit apartment community in the Carillon Business Park.

Starlight U.S. Multi-Family, an investment vehicle for Starlight Investments, paid $64.1 million for the property, according to a deed filed Jan. 15 in Pinellas County.

The seller, Realty Associates Fund X LP, an affiliate of Boston-based TA Realty, bought the property in 2010 for $34.15 milllion, Pinellas County property records show.

Promenade at Carillon, at 540 Carillon Parkway, was built in 1994.

It is a Class A, garden-style property. The 334 apartments include one, two and three bedroom units, a news release said. Outdoor amenities include a resort-style pool with tanning deck, a jogging trail, dog park, playground and outdoor grilling areas. Indoor amenities include a fully equipped fitness center, a resident lounge and business center.

Apartment transactions and other activity has been on the rise in the Carillon area. In December, Momentum Real Estate Partners LLC, a private equity firm based in Miami, bought Provenza at St. Pete, a 308-unit apartment community at 540 Trinity Lane, for $70.25 million. Construction work began in August on Echelon City Center, a 15-story building with 226 rental apartments, 13,400 square feet of ground floor retail and structured parking. Echelon, a St. Petersburg-based real estate company, is partnering on the project with Tampa investment advisory firm Third Lake Partners LLC.

Starlight Investments is a privately held, Toronto-based, multi-family and commercial real estate investment and asset management company. The company currently manages over $14 billion of direct real estate as well as real estate investment securities. Starlight Investment’s portfolio includes about 36,000 multi-residential units across Canada and the U.S., and over 7 million square feet of commercial properties.