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Osprey Pointe Apartments complex in St. Pete sells in $56M deal

Veronica Brezina

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The Osprey Pointe Apartments located at 1900 55th Ave. S in St. Pete. Photo by: Realtor.com

The Osprey Pointe Apartments in St. Pete has a new owner through a $56 million deal that closed this week.

Iowa-based BH Management Services, which is tied to the Maryland-based Capital Investment Corp., sold the property at 1900 55th Ave. S to Axonic Properties LLC in New York, which purchased the property under the entity name Osprey Pointe Apts LLC.

This two-story apartment was built in 1971 with 517 units. The Axonic group was interested in the property as it owns the adjacent Enclave at Sabal Pointe apartments, Axonic Properties Managing Principal Jonathan Shechtman said.

Axonic assumed a $36.6 million Freddie Mac mortgage loan through the deal.

Axonic plans to make some capital improvements to the property, Shechtman said. The specifics of the improvements were not disclosed. The sale shouldn’t impact the current residents as the new owners will inherit the current leases, he said.

“We are excited and think very highly of the immediate area,” Shechtman said.

The company has made other recent acquisitions and sales in St. Pete.

Last year, Axonic sold The Madeira, a 138-unit multifamily property at 7533 38th Ave. N. in St. Petersburg, in a $17.6 million deal to private equity firm New York-based GPK Holdings.

The year prior, Axonic purchased the Enclave at Sabal Pointe property for $7.3 million. It was a fractured condo deal, which means the property had a mix of individually-owned units and rental units.

While the company is known to make other property investments throughout Florida, Shechtman says St. Pete will continue to be a market it is closely watching.

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1 Comment

1 Comment

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    Travis

    June 28, 2021at10:24 am

    These apartments are literally falling apart, when there’s a light breeze you can hear and see the wind moving through your apartment with the windows closed, The kitchens are 50 years old and we’re not good when they were built, and the subfloors are in such bad shape that the only one in our apartment that doesn’t make them squeak is my chihuahua.

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