The multifamily sector continues to sizzle, with eight-figure transactions for apartment communities in South Pasadena and in Pinellas Park. Pinellas County has funding for some commercial real estate projects and a new hospital breaks ground across the Bay.
Here’s this week’s roundup of local real estate deals.
South Pasadena deal
Bayside Villas and Bayside Villas East in South Pasadena sold for $12.925 million on Jan. 15. The deal involved two parcels, at 1824 Shore Dr. S. and 1846 Share Dr. S. in South Pasadena, a deed filed Tuesday in Pinellas County said. The apartment complex, with two buildings constructed in 1965 and in 1972, has a total of 70 units, Pinellas property records indicate. The seller was a company associated with Dmitry Piterman, a professional athlete, art collector and real estate investor in Pebble Beach, California. The buyer, Pasadena Bayside LLC, is a private investor in Sarasota.
TruAmerica adds local property
TruAmerica, the Los Angeles-based company that already owns a half-dozen apartment communities locally, has bolstered its portfolio with the purchase of Plantation Gardens in Pinellas Park. The company bought the property, at 5501 110th Ave., for $61 million on Jan. 14, Pinellas County property records show. It is now newly renamed Aspire Gateway. The garden style apartment community was originally constructed out of concrete block in 2000. It has 18 apartment buildings and a clubhouse on 11 acres amidst lakes, nature preserves and courtyards, according to St. Regis Properties, the San Francisco company that sold the property.
TruAmerica also owns Bayou Point and Runaway Bay, both in Pinellas Park; Four Lakes at Clearwater and Estates at Countryside, both in Clearwater; and Twin Lakes and Lakeview at Palm Harbor, both in Palm Harbor.
Colliers beefs up brokerage
With all the apartment activity going on, it’s no wonder that Colliers International Florida has bought on a statewide 12-person multifamily brokerage team. The new team, Colliers International | Florida Multifamily Team, has a focus on deploying both private and institutional capital, a news release said. The group previously was known as The Babb Group at Marcus & Millichap and is led by Casey Babb, Luis Baez and Shawn Rupp. They will work out of Colliers’ Tampa office. Among the team’s notable deals in 2020 was the $12 million sale of Waterside Village, a 102-unit property in St. Petersburg. The team represented the seller in the deal.
Last week, we told you about the first four affordable housing projects in line for funding under Pinellas County’s Penny for Pinellas program. Some Penny for Pinellas sales tax proceeds also are set aside for economic development capital projects, and the county has just opened the applications for that part of the program.
“All economic development ultimately comes down to a real estate transaction. No matter how good our business climate is and how badly businesses want to be here, they cannot locate here if we have no office or industrial space suitable for them,” Mike Meidel, director of Pinellas County Economic Development, said in a news release. “This program is designed to ensure that we have adequate and appropriate space to provide quality jobs for our citizens for years to come.”
Proposed capital projects that include new construction, expansion or the rehabilitation of office, industrial flex and industrial manufacturing space will be the focus of the initial funding round, with a goal of supporting growth at new and existing companies in target industries such as aviation, aerospace, medical device manufacturing, defense and information technology. Application details are available here. Applications will be accepted through 5 p.m. March 11.
Across the Bay
Tampa General Hospital and Kindred Healthcare broke ground Monday on a freestanding, 59-bed inpatient rehabilitation hospital. The new facility, on Kennedy Boulevard between Oregon and Willow avenues, brings downtown Tampa one step further in the development of a fully realized medical district that will attract the best scientists and physicians to the region and transform the area into a center for healthcare innovation, a news release said.
The $35 million, 80,000-square-foot rehab hospital is expected to open in February 2022.