July 23, 2020 Comments Off on St. Petersburg MF Portfolio Trades for $15M Views: 502 Central Florida, Florida News, Top Florida

St. Petersburg MF Portfolio Trades for $15M

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CBRE has arranged the $15.3 million sale of the Urban Core Portfolio, a nine-property, 119-unit multifamily portfolio in Downtown St. Petersburg.

Currently, 30% of the units are operated as short term rentals while 90% of the units were studio and 1-bedroom floorplans. New ownership plans to combine operations of their current holdings with the Urban Core Portfolio, while executing a value-add strategy on the properties that have not been fully renovated.

Frank Carriera, Joseph Thavis and Cameron Barbas of CBRE represented the private buyer as well as the seller, Jacana Real Estate, Inc., in the transaction.

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