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St. Pete developer buys Echelon City Center apartments in a $100M deal
St. Petersburg-based multifamily real estate group Stoneweg US has purchased the WaterView Echelon City Center apartments in a $100 million deal.
The 15-story apartment tower at 100 Main St. N. is in the Echelon City Center, a mixed-used development at Carillon Office Park.
The 226-unit apartment complex has 13,400 square feet of ground-floor retail and structured parking. The first residential units are located on the 7th floor. Echelon, a St. Petersburg-based real estate company, worked with Tampa investment advisory firm Third Lake Partners LLC on the development. It’s was the first deal Third Lake Partners and Echelon had done together.
“Waterview is a huge win for the Stoneweg US team in terms of diversification and growth. It’s the first high-rise community in our portfolio, offering sophisticated, Class-A living in one of the most robust markets in terms of relocation and jobs in the U.S.,” Ryan Reyes, chief investment officer for Stoneweg US, said in a release. “The fact that it’s in our hometown is an added bonus, and we’re thrilled to deliver another fantastic deal to our SW Fund I investors.”
Stoneweg took out a $51.63 million mortgage loan from PNC Bank for the purchase. During the time of the purchase of the Echelon apartments, Stoneweg also purchased two apartment complexes in Louisville, Kentucky via a $230 million deal.
The luxury apartment development, located behind a Publix, offers one-, two- and three-bedroom units, and boasts water views of Tampa Bay and downtown St. Petersburg.
The amenities include an infinity pool, a club lounge, workspaces, a fitness center with interactive technology, rentable storage units, dry cleaning lockers and a private dog wash station.
When the developers broke ground on the project two years ago, it was highlighted as an intricate key component in establishing the Echelon City Center.
The Echelon City Center is a 20.5-acre development initially unveiled in 2015. It’s expected to have over a thousand residential units, office space, a 120-key hotel and ground-floor retail space.
Several months ago, another newly built apartment complex was sold in the center.
A.G. Spanos sold the 312,936-square-foot Axio at Carillon apartment complex in a $90.85 million deal to the New York-based Sentinel Real Estate Corporation.
