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Places This Week: DDA closes on $65M property, St. Pete estate sells

Veronica Brezina

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An aerial shot of DDA Development's new apartment complex in Tarpon Springs. Photo: DDA Development.

A weekly roundup of local real estate deals. 

 

DDA Developments buys property in Tarpon Springs where it developed apartments 

DDA Development, in partnership with Backstreets Capital and Atlantic American Partners, has closed on the sale of Icaria on Pinellas, a 236-unit, Class A apartment complex and the largest development of this kind in Tarpon Springs, DDA announced Friday. 

An image of DDA Development’s new apartment complex in Tarpon Springs. DDA Development.

The project sold for $65.65 million, or $278,179 per unit, according to property records.

Records also showed a $37 million mortgage loan from Regions Bank. 

It is located on 6.5 acres at 1185 South Pinellas Ave. along the Pinellas Trail between the Winn-Dixie and AdventHealth hospital campus along Alternate 19. 

“We opened Icaria during the middle of the pandemic and still were able to lease it up fully in just six months -that reflects the pent-up demand in this part of Pinellas County,” DDA Development Principal Bowen Arnold said in a prepared statement. “We believe this project really raised the bar for quality multi-family in Tarpon Springs.”   

The complex offers a mix of one-, two- and three-bedroom units starting at 718 square feet. 

DDA Development is also behind the Orange Station at the Edge project development that will be at the site of the old St. Petersburg Police headquarters. 

A special event for Orange Station will be held on Oct. 26.

 

St. Pete-based multifamily advisory group closes on $119.5 million on new West Florida developments

JBM Institutional Multifamily Advisors completed the closing for four properties across West Florida. 

The acquisition signifies the firm is on pace to close on over 5,000 units in West Florida for this year, according to a press release. 

The acquisitions include: 

  • Circa at Fishhawk Ranch: A 260-unit, Class A property in Lithia. JBM acquired the property from Inland Real Estate Group for $66.25 million. This represents the highest price per unit ever paid for a 2015 garden-style community in the Tampa Bay region. 
  • Bradenton Reserve: A 166-unit property that was recently acquired by Equity Yield LLC from Merion Residential. The property sold for $30.25 million.
  • Causeway Commons site: A 13.68-acre parcel in an opportunity zone in Tampa. It sold for $5.25 million to ZOM Holding Inc. The site allows for up to 460 units to be constructed. 
  • Gordan River: A 95-unit property along the riverfront in Naples. The site has undergone $1.75 million in improvements. Corridor Ventures purchased the property for $17.5 million. 

 

St. Pete estate sells for $3.65 million

The 7,000-square-foot home at 1820 Park Street St. N. in St. Petersburg has sold in a $3.65 million deal. 

The home at 1820 Park Street St. N., St. Petersburg. Realtor.com.

The two-story brick estate is on a 1.32-acre lot that offers views of Boca Ciega Bay and a private beach, along with an extended dock, a pool and hot tub, and a fire pit. 

Inside, the gourmet kitchen features Venetian ceilings, hand-applied bronzed cabinetry and a newly redone floating staircase that leads to three bedrooms with private balconies and a multi-purpose bonus room with vaulted ceilings.  

The interior of the home at 1820 Park Street St. N., St. Petersburg. Realtor.com.

The home, built in 1951, has undergone renovations including the addition of hurricane windows, a new roof and new fencing.

The listing states the seller is moving back to Europe and there’s some remaining work for the bathrooms and kitchen. However, the estate is turn-key. 

The seller was represented by Loveda Markley with Realty Experts and the buyer was represented by Nichole Gaytan with Prime Int’l Real Estate Group. 

The buyer took out a $2.92 million loan for the property. 

 

Treasure Island hotel switches hands 

The Treasure Island Ocean Club at 11500 Gulf Blvd. has sold in a $12 million deal. 

The Treasure Island Investment Holdings LP purchased the 22,328-square-foot hotel from Clearwater-based TJM Properties. 

The 55-unit, two-story resort on 1.22 acres was built in 1950 and is next to the Arvilla Resort. It was completely renovated in 2014. 

The buyer took out a roughly $29.2 million mortgage loan from Trez Capital. 

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