June 15, 2020
CBRE has brokered the $10.5 million sale of Old Southeast Portfolio, a seven-property multifamily portfolio in St. Petersburg. The portfolio was acquired by Otto Investment Group. Joseph Thavis and Cameron Barbas of CBRE represented both Otto Investment Group and the seller, Second Half Properties, in the transaction.
The properties are located at 2026 4th St. South, 2800 4th St. South, 2729 4th St. South, 674 22nd Ave. South, 2410 4th St. South, 1101 16th St. South and 2624 4th St. South.
“The seller maintained rental collections above 95% throughout April and May, which reiterates the positive rental trend seen for St. Petersburg and the overall Tampa MSA,” said Thavis. “New ownership intends to implement both interior and exterior improvements to fully benefit from the evolution of the robust growth of the south St. Petersburg sub-market.”
For comments, questions or concerns, please contact David Cohen