Know
Places This Week: ‘Gatsby’-like mansion sells for $7.1M; Holiday Inn under new ownership
A weekly roundup of local real estate deals.
Largo apartments sell in $34.3 million deal
The Everest Autumn Chase Apartments in Largo have sold to Otto Investment Group for roughly $34.3 million.
The Clearwater-based Otto Investment Group is a real estate investment and asset management company that focuses on the acquisition, redevelopment and management of multifamily residences throughout Florida.
Autumn Chase Apartments in Largo. GoogleMaps.
Otto Investment Group took out a $32.2 million mortgage loan from BDS IV Mortgage Capital J LLC for the purchase.
Everest Autumn Chase Apartments, now renamed Altura Largo, was recently renovated and has one- and two-bedroom units.
The property was built in 1975 and has a total of 128 units.
The amenities include a lakeside pool, laundry facilities and a fitness center.
Otto Investment Group President Adrian Otto said the purchase was to expand the firm’s portfolio.
Otto said the 12 acres of land and greenery around the apartments grabbed his attention. “The market is very competitive. We are even looking at constructing new units because there’s a massive shortage of supply, and single-family homes are not necessarily affordable for everyone,” he said.
The group plans to remodel the entire facade, including replacing the deteriorating wooden staircases with metal, changing the windows, adding laundry-ready connections in units, and remodeling the pool to become a resort-style pool. The firm also plans to build a new fitness center from the ground up.
Earlier this year, Otto Investment Group acquired the 140-unit West River Flats in Tampa from a private investor for $22.2 million.
In 2020, it closed on the 126-unit Old Southeast Apartments.
Otto said the firm is interested in properties that have the potential to be upgraded and improved.
Belleair estate with tennis court sells for over $7 million
A nearly 12,000-square-foot estate in the prestigious Belleair neighborhood has sold in a $7.1 million deal.
Home at 140 Willadel Drive in Belleair. Realtor.com.
Home at 140 Willadel Drive in Belleair. Realtor.com.
Home at 140 Willadel Drive in Belleair. Realtor.com.
Mill Creek Residential closes on a property by the Trop for a 20-story tower
The Mill Creek Residential development group has closed on a downtown property to build a new 20-story multifamily development.
A rendering of the residential towers. Photo by: City of St. Pete public records
The South Florida-based investor bought a former industry property at 201 17th St. South in a $10.3 million deal from Tricera Capital, a Miami-based real estate investment firm that has several properties in St. Pete. The deal closed on Nov. 19.
The two-acre property has an existing 92,248-square-foot building, which would be demolished.
The project entails constructing a 20-story and an eight-story building with 383 dwelling units.
At the time of the sale, Mill Creek Residential took out an $83.85 million mortgage loan from PNC.
Read here for more details about the purchase.
Holiday Inn St. Petersburg West has new ownership
The Holiday Inn St. Petersburg West hotel, owned by the IHG Hotel group, has sold in an $11.8 million deal.
The hotel, at 1200 34th St. N., was sold to Florida-based Jay and Vivek Corp., which owns several hotels and motels.
The Holiday Inn at1200 34th St. N. GoogleMaps.
The 129-unit, 73,225-square-foot Holiday Inn St. Petersburg West hotel was built in 2000 and is the latest Holiday Inn to be built in the area, according to its description.
Jay and Vivek Corp. took out a $7.67 million mortgage loan from Legence Bank.
Homeowner sells Yacht Club estate in the largest-ever sale for the neighborhood
The home at 7988 10th Ave. South in St. Petersburg has sold for $2.95 million – the largest sale in the Yacht Club neighborhood.
Laura Coppola, a realtor with Compass Florida LLC who is also the homeowner, sold the five-bedroom waterfront home to the Testa Trustees. It was under contract within 72 hours of appearing online.
The home at 7988 10th Ave. South, St. Petersburg. Realtor.com.
The 4,168 square-foot home is nestled in a cul-de-sac on 10th Avenue. The California contemporary-style home was built in 2018.
An aerial view of the home at 7988 10th Ave. South, St. Petersburg. Realtor.com.The backyard features a pool, gazebo entertainment area and a boat lift.
The home has extensive stonework in the exterior and interior, and has French oak floors throughout.
Coppola said she and her husband plan to stay in the area.
Pascale Durand with Coldwell Banker Realty represented the buyer.
The living room in the home. Realtor.com.
Construction will start on an 18-story condo tower in downtown St. Pete
The 18-story Reflection condo tower will break in downtown St. Pete this February.
Conceptual design of Reflection, an 18-story building with 88 condominium units and ground floor retail at 8th Street North and 3rd Avenue North.
The 88-unit complex is planned near Mirror Lake at 8th Street and 3rd Avenue North, on land that serves as a parking lot of the Lyceum, an event venue now being used by Bridgepoint Church.
St. Petersburg-based HP Capital is the developer and Tampa-based Kast Construction is the general contractor.
Rendering of the Reflection
The group is under contract to purchase the parking lot site.
Commercial real estate developer and St. Pete native Jon Reno LaBudde is representing HP Capital.
Once construction commences, it’s expected to take 18 months to complete, which sets a target opening date in late 2023.
Lake Tarpon hotel sells
Gold Sun Hospitality has sold the Vista Inn on Lake Tarpon in Palm Harbor hotel to RT2 Investments LLC in a $6.85 million deal.
Vista Inn on Lake Tarpon in Palm Harbor. Facebook image.
The hotel at 37611 U.S. Highway 19 N. was built in 1998 and has 98 units with private patios.
The 44,750-square-feet, Mediterranean-style hotel is home to the restaurant Giovanni’s.
Vista Inn on Lake Tarpon in Palm Harbor. Loopnet.
