The Elements on Third development in downtown St. Petersburg has switched hands in a $125.5 million deal.
Texas-based Lurin Capital purchased the five-building development, including the 178-unit apartment complex, at 441 33rd Street North from South Florida-based Altis Cardinal and Skyline LLC.
A representative from Lurin was not immediately available for comment. However, the firm’s description states it seeks multifamily assets in the Southeast with the goal of maximizing value. It owns several properties throughout Florida, including Amelia at Westshore in Tampa.
Elements on Third and Skyline 5th, a 178-unit apartment building (also known as the Seaglass Tower), is situated in the historic Kenwood neighborhood.
When Atlis acquired the site in late 2012, there was a nearly vacant apartment building near two abandoned office buildings on the same block. The group eventually purchased the surrounding buildings for office and residential developments.
“We got to the end of the development plan where we built out all of the aspects we wanted. We realized the vision we had was executed and there was nothing left to develop,” Altis Cardinal Principal Frank Guerra told the St. Pete Catalyst.
The group has received unsolicited and solicited offers overtime for firms interested in acquiring the property. Altis worked with commercial real estate firm JLL to market the property, which was advertised for several months.
Years ago, when Altis first purchased the site at the southeast corner of 5th Avenue and 31st Street North, the firm said the site “suffered under extreme neglect, collapsing property value and chronic underuse.”
In 2014, Altis Cardinal acquired one of the abandoned office buildings on its block and three years later, it acquired the other. Altis Cardinal then worked with Skyline to operate the apartment building.
Altis also flipped a nearby hotel into a self-storage facility.
Although Altis has sold the property, the group still wants to have a presence in St. Pete.
“We are looking at other sites in St. Pete, but they are confidential, Guerra said. “St. Pete is a market we know extremely well and want to continue to invest in.”