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Minnesota-based real estate firm buys north St. Petersburg apartment complex

November 13, 2020 - Isle of Gateway, a 212-unit apartment complex in north St. Petersburg, has a new owner. TPAF VII Isles of Gateway LLC, an entity associated with Timberland Partners Investments in Minneapolis, Minnesota, acquired Isle of Gateway for $30.75 million, according to a deed filed Friday in Pinellas County. The seller was DHPI Gateway, affiliated with Pebb Capital in Boca Raton. DHPI bought the property in 2016 for $23.5 million, Pinellas County property records show. Isle of Gateway, at 10600 4th St. N., has 11 buildings on 18 acres. It was built in 1986 and has apartments ranging from one bedroom to three bedrooms; most of them were recently updated,Timberland Partners said on its website. Timberland Partners generally targets garden style or midrise apartments with a minimum of 100 units, built in the 1980s, 1990s, or early 2000s vintage, its website said.

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