Press Release

CBRE Facilitates Sale of Seven Property Multifamily Portfolio in St. Petersburg to Private Investor in New York

2021 12월 22

CBRE has arranged the sale of the Sabal Palm Portfolio, a seven-property, 127-unit multifamily portfolio in St. Petersburg, Fla.

Joseph Thavis, Cameron Barbas, Francesco Carriera, and Michael Regan with CBRE Capital Markets in Tampa represented both the buyer, a private investor out of New York, and sellers, a partnership between The Otto Investment Group, HUMI Holdings and Jakob Maehren.

The seven properties included in the sale are:
• The Atlas, a 32-unit property located at 2800 4th Street
• The Astoria, a 23-unit property located at 2026 4th Street South
• The Avalon, a 20-unit property located at 2729 4th Street South
• Park View, a 20-unit property located at 674 22nd Avenue South
• St. Pete Gardens, a 14-unit property located at 2410 4th Street South
• The Ruby, a 12-unit property located at 1101 16th Street South
• The Rose, a 6-unit property located at 2624 4th Street South

“The sale of the Sabal Palms Portfolio speaks to the evolution of the St. Petersburg market as 2020 Old Northeast values move to the south side. With progress underway on the Tropicana site and large-scale projects like Residences at 400 Central and Orange Station at the Edge coming out of the ground, there’s no end in sight to the robust growth in St. Petersburg,” said Mr. Thavis.

“When we sold this portfolio to the Otto Investment Group last year, we saw an opportunity to help our client execute a business plan to take advantage of the extraordinary growth within Downtown St. Petersburg, while catering to both market rate and affordable tenants. It’s excited to see this vision come full circle in this sale,” added Mr. Barbas.

Since purchasing the portfolio, the sellers implemented various capital improvements such as new roofs, landscaping, irrigation systems, pedestrian gates, and painting six of the seven properties. Additionally, 78 units have undergone renovations that include upgraded flooring, black appliances, white shaker cabinets, granite countertops, tile backsplash, bathroom vanities, lighting packages, and fixtures.

“The sale of our St. Petersburg portfolio exceeded our expectations and demonstrated strong demand for stabilized properties. We truly believe in the Tampa Bay market and plan to expand our investment footprint here in 2022,” said Konstantin Sidorov, CEO of Maehren Investment Corp. “CBRE was very helpful and a great partner, especially during these uncertain times.”

“We would like to thank CBRE for their professionalism and diligence in seeing this deal through. We are excited for our planned growth in the Tampa Bay Market and look forward to working with CBRE on many more deals to come,” said Adrian Otto, President of Otto Investment Group.

At the time of closing the portfolio was 97 percent occupied.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.