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St. Pete apartments sell for $17.6 million

February 19, 2020 - CBRE has brokered the $17.6 million sale of The Madeira, a 138-unit multifamily property at 7533 38th Ave. N. in St. Petersburg. The seller was Axonic Properties and the buyer was  GPK Holdings, a New York-based real estate private equity and asset management company. “Since 2016, previous ownership of The Madeira invested heavily into improving the exterior of the building in addition to the interior value-add,” said Francesco Carriera of CBRE. “This was highly appealing to the buyer pool, and as both job and rent growth remain strong, we saw the strong demand for 1970s and 1980s value-add assets in Pinellas County.” Carriera and Michael Regan of CBRE brokered the sale on behalf of the seller, a news release said.

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