Franklin Street has arranged the sale of Osprey Pointe Apartments, a 517-unit, garden-style multifamily community in St. Petersburg, Florida, for $56 million, or $108,317 per unit.
Franklin Street’s Tampa-based Multifamily Investment Sales Team of Darron Kattan, Zach Ames, Avery Jordan and Mark Savarese brokered the off-market transaction between the seller, Des Moines, Iowa-based BH Equities, and the buyer, New York-based Axonic Properties, LLC.
Axonic Properties, managed by Jonathan Shechtman and Brian Kennedy, is a private equity owner, operator and asset manager of residential properties, focused on acquiring opportunistic, value-add assets throughout Florida. The owner plans to make significant improvements to Osprey Pointe, which was built in 1974.
“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,” said Kattan. “Osprey Pointe offered an attractive opportunity to acquire 517 units in the Pinellas Point submarket, which with its proximity to the beach, downtown and a significant amount of new development, is becoming an increasingly in-demand rental market.”
Osprey Pointe offers one-and two-bedroom units ranging from 625 to 1,058 square feet. Amenities include on-site professional management and maintenance, a tennis court, fenced playground area, dog park and an expansive swimming pool and sundeck.
“We are excited to add more units in this submarket and recognize the potential in this particular location, as we currently own and operate the adjacent 240-unit property west of Osprey Pointe, Enclave at Sable Pointe,” said Axonic Properties’ Shechtman, Managing Principal.
At 1900 55th Ave. South, the community is situated in South St. Petersburg, with convenience to I-275 and U.S. 19, and is less than 10 minutes from downtown St. Petersburg and St. Pete Beach.