Upgrades planned to enhance resident experience.
TAMPA, Florida (July 23, 2025) –
Franklin Street announced it has successfully brokered the sale of Rio Vista Village Apartments in St. Petersburg, Florida. Franklin Street represented the buyer and the seller in the sale. This is the first change in ownership since construction was completed in 1974 and demonstrates investor interest in value-add investment opportunities in thriving markets.
“With limited recent trades of 1970s-built multifamily properties, this closing signals a shift in investor sentiment and underscores the continued demand for well-located, value-add opportunities in the St. Pete market,” Avery Jordan, senior director, Multifamily Investment Sales for Franklin Street, said. “Our team generated strong interest in this asset, securing over 30 offers from a wide range of capital sources—from high-net-worth individuals to institutional private equity groups.”
Rio Vista sits on 14.69 acres with more than 186,000 square feet of rentable garden-style multifamily apartments. Onsite amenities include a clubhouse, swimming pool, fitness center, business center, car care station, and laundry facilities. It is located on 4th Street North close to the Gateway business district with ease of access to downtown St. Petersburg and Tampa.
“Even with the zoning changes made in 2023 to encourage multifamily construction, investor interest in existing construction in St. Pete remains strong,” Zach Ames, managing director, multifamily investment sales for Franklin Street, said. “As the market continues to improve, competition is increasing evidenced by offers received on this property. Investors should work with brokers that have full-service capabilities, local expertise, and national reach to secure the best terms for their portfolio.”
The new owners plan to implement strategic upgrades to the community to improve the residents’ experience. In addition to Zach Ames and Avery Jordan, Franklin Street brokers Jonathan Barclay, managing director, multifamily investment sales and Darron Kattan, managing director, multifamily investment sales, collaborated to close the transaction.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.
