We now know the price tag for a south St. Petersburg apartment complex that sold as part of a $1 billion+ package deal. A new home development is coming to north St. Petersburg. A local businessman buys a waterfront condo in Clearwater.
Here’s this week’s roundup of real estate news.
Inside the sale
Last week, we told you about the sale of Reserve at Lake Pointe, an 806-unit apartment community in south St. Petersburg that was acquired by Morgan Properties as part of a $1.75 billion package of properties in 11 states.
Now, we know Morgan paid $95.16 million for Reserve at Lake Pointe, according to a deed filed in Pinellas County.
Morgan also bought Melrose on the Bay, a 358-unit apartment complex in Clearwater, for $43 million, according to county records.
A private investor paid a lot less in a much smaller St. Pete apartment deal. A newly formed company, VR Apts LLC, bought an eight-building, 35-unit complex at 216 30th Ave. N. on March 3 for $3.1 million. The seller, a family trust, had owned the property since 2004.
PulteGroup (NYSE: PHM), the nation’s third-largest home builder, is building 53 new homes in north St. Petersburg. The project, called Shoreline, is at 311 112th Ave. N., and will include three bedroom, two-and-a-half bath townhomes starting in the low $300,000’s. The St. Petersburg Development Review Commission initially approved vacating a small portion of city land for the project last July, but the project came back to the DRC this week because part of the property needed for the project was not included in the first vote. The DRC approved the request with no discussion.
Fresh off a deal selling one of the larger auto dealerships in the Tampa-St. Petersburg area, Scott Fink and his wife, Kathleen Fink, have bought a 1,973-square-foot condo at the Residences at Sandpearl in Clearwater. The couple, who also have a home in Tampa, paid $1.74 million on Feb. 22, according to Pinellas property records. The three-bedroom, two-and-a-half bath condo has both waterfront and cityscape views, realtor.com said.
Fink heads Fink Auto Group, which sold to Lithia Motors (NYSE: LAD) earlier this week. Fink Auto Group includes Hyundai of New Port Richey and other dealerships.
Omega Healthcare Investors added to its already extensive Pinellas County portfolio of senior facilities when it bought skilled nursing centers in Seminole and Safety Harbor. The company paid $14.1 million for Consulate Health Care of Safety Harbor, a 120-bed skilled nursing center at 1410 Dr. Martin Luther King Jr. St. N. in Safety Harbor and $7.6 million for Consulate Health Care of St. Petersburg, a 120-bed skilled nursing center at 9393 Park Blvd. in Seminole. Omega (NYSE: OHI), based in Hunt Valley, Maryland, is a real estate investment trust that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities.