Commercial Real Estate, Capital, Insurance, Leasing & Management

Multi-Housing News: BH Equities Sells Tampa Bay Community for $56M

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Axonic Properties has acquired the 517-unit Osprey Pointe Apartments in St. Petersburg, Fla., from BH Equities, in an off-market transaction. Franklin Street arranged the $56 million deal. 

Yardi Matrix data shows that the buyer assumed the outstanding balance of a $36.6 million CMBS loan originated last year. The 10-year loan was provided by Capital One, at a 3.19 percent interest rate.

Franklin Street’s Darron Kattan, Zach Ames, Avery Jordan and Mark Savarese brokered the transaction. In November, the same brokers arranged the sale of a garden-style community in Naples, Fla. for a little more than $25 million. Axonic Properties was the former owner of the 200-unit asset. 

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