Commercial Real Estate, Capital, Insurance, Leasing & Management

Tampa Bay Times: St. Petersburg apartment complex sells for $56 million

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A large apartment complex near the southern tip of St. Petersburg has sold to a New York real estate investment firm for $56 million.

Axonic Properties, which owns a handful of apartment and condo properties around Tampa Bay, snapped up the Osprey Pointe Apartments in Pinellas Point on June 22, according to a deed filed with Pinellas County. The seller was a consortium of limited partnerships and limited liability corporations based in Iowa.

The 517-unit complex at 1900 55th Ave. S, formerly known as the Queensmark Apartments, was built in 1974. Formerly known as the Queensmark Apartments, the complex rebranded as Osprey Pointe in the early 2010s.

In a statement, Darron Kattan of Tampa commercial real estate firm Franklin Street, which brokered the deal, said Pinellas Point’s proximity to the beach has made it an “increasingly in-demand rental market.”

“The demand for multifamily investments in Tampa Bay continues to skyrocket, and the market’s solid demographic trends and rent growth is allowing values to push to new highs every day,” Kattan stated.

Read more from the Tampa Bay Times.

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