CBRE Facilitates the Sale of 1970’s Multifamily Community in St. Petersburg

CBRE arranged the sale of Harlow at Gateway, a 432-unit multifamily community located at 509 77th Avenue North in St. Petersburg, Fla., for an undisclosed price.

Frank Carriera, Michael Regan, Cameron Barbas and Joe Thavis of CBRE Capital Markets in Tampa represented both the buyer, Lurin, and seller, an affiliate of Arel Capital, L.P, in this transaction.

Built in 1973, Harlow at Gateway features 12 three-story buildings with a mix of one- and two-bedroom units averaging 861 square feet. The seller renovated 139 units, including new cabinet faces and pulls, updated lighting, black appliances, tile backsplash, faux-granite countertops, ceiling fans, plank flooring, and modern lighting.

“The asset’s investor pool was interested in growing their presence in this booming market and saw this as a perfect opportunity to scale. Over 16 initial qualified offers were originally made on this asset and the winning bid set a price-per-unit record for assets with 100+ units in Tampa Bay history,” said Frank Carriera, an Executive Vice President with CBRE.

Harlow at Gateway sits between Downtown St. Petersburg and the Gateway Business District. The property features two pools, a community clubhouse, business center, dog park, fitness center, children’s play area, outdoor grilling stations, hammocks, picnic tables, and laundry facilities.

Mr. Carriera added, “As Florida continues to receive an influx of new residents, the combination of outdoor activities, developing economy, and relative affordability, make St. Petersburg a preeminent destination for relocation.”