CBRE Arranges Sale of 304-Unit Multifamily Property in St. Petersburg, Fl

CBRE has arranged the sale of Gateway on 4th, now known as Carillon Bay Apartments, a 304-unit, value-add multifamily property in St. Petersburg, Florida, to a Texas-based firm.

Michael Regan, Cameron Barbas, Matthew Valeri and their CBRE Capital Markets Multifamily team in Tampa represented the seller, Eagle Property Capital, in the transaction.

This sale marks one of the largest value-add sales in the Tampa Bay Metropolitan Area and Southwest Florida within the last year.

“We're seeing a clear resurgence of institutional interest in the value-add market, particularly for assets in prime locations,” said Regan, Executive Vice President with CBRE. “This transaction underscores the continued hunger for these higher-yielding opportunities and positions us strategically to capitalize on this evolving landscape.”

Carillon Bay Apartments is located at 501 116th Avenue North in the Gateway Business District, a key employment hub within the Tampa Bay region. The property offers convenient access to a variety of shopping, dining and entertainment options, as well as major transportation routes. Carillon Bay features a resort-style pool, a 24-hour fitness center, a dog park, a children's playground and more. Units feature walk-in closets, a washer/dryer and private patios or balconies.