February 19, 2020
CBRE has brokered the $17.6 million sale of The Madeira, a 138-unit multifamily property in St. Petersburg. Francesco Carriera and Michael Regan of CBRE brokered the sale on behalf of the seller, Axonic Properties. The buyer was GPK Holdings.
Located at 7533 38th Avenue North, the property is nearby the Gulf Coast beaches as well as downtown St. Petersburg.
“Since 2016, previous ownership of The Madeira invested heavily into improving the exterior of the building in addition to the interior value-add,” said Carriera. “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.”
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