Clearwater real estate investment firm buys apartment portfolio in St. Pete
June 15, 2020 - Otto Investment Group, a real estate investment firm headquartered in Clearwater, paid $10.6 million for a seven-property multifamily portfolio in St. Petersburg. The properties include Old Southeast Apartments, Tropical Shores, The Palms Apartments, Bayside Apartments, Park View Apartments, Lakewood Apartments and Uptown St. Petersburg, according to a news release from CBRE, which negotiated the sale. The portfolio traded at $83,730 per unit. The seller, Second Half Properties, maintained 95 percent rent collection in April and May, CBRE said. Joseph Thavis and Cameron Barbas of CBRE represented both the buyer and seller in the deal.