St. Pete hospital among the largest Pinellas County real estate deals of 2020 • St Pete Catalyst
The multi-family real estate sector in Pinellas County was brand new this year.
Eleven shared apartments sold for $ 50 million or more in 2020.
The deals included the first local purchase by Stoneweg US in St. Petersburg, a real estate investment and development firm, which paid $ 114 million for the 688-piece Trellis at the Lakes apartment.
It marked Pinellas County’s largest single commercial home purchase in 2020.
However, a package of acquisitions from Orlando Health, the nonprofit healthcare system that Bayfront Health St. Petersburg acquired on September 30, had a higher total price. OHI West, an Orlando Health affiliate, purchased the hospital building at 701 6th St. S. for $ 86.28 million. Orlando Health also purchased 13 other Bayfront-affiliated properties for a total purchase price of $ 147 million.
Bayfront is the largest hospital in St. Petersburg with 480 beds, and the deal made Orlando Health one of the largest real estate owners in Pinellas County.
Fast growing market
Overall, the Tampa-St. The multi-family sector in Petersburg appears to have regained much of the momentum it had before the Covid-19 pandemic broke out, according to a November 23 report by CoStar Analytics.
Nationally, residential real estate price hikes have slowed since February, but regional differences exist, Wells Fargo Securities said in a Dec. 14 report.
“Rapidly growing housing markets, which have seen robust employment and population growth over the past decade, are generally outperforming the dense and less affordable global gateway markets. For example, house prices in Tampa, Phoenix and Nashville rose over 10 percent during the year, while New York and Chicago apartment valuations fell, “said Wells Fargo.
Trellis at the Lakes, the best value Pinellas County’s 2020 home sales, is close to big employers like Jabil (NYSE: JBL) and Raymond James Financial (NYSE: 11401). RJF).
“Trellis is truly unique in that it is minutes from several Fortune 500 companies, but still offers a sparse atmosphere that we expect will be even more desirable for future residents,” said Ryan Reyes, chief Investment Officer of Stoneweg US issued a press release.
Stoneweg worked with Hartford Investment Management Company on the $ 114 million deal for Trellis.
The next 10 largest Pinellas County commercial real estate deals in 2020 were also housing deals.
Cortland Bayside, a 360 unit apartment complex on 19355 US Highway 19 N. in Clearwater. Cortland, an Atlanta-based multi-family real estate company, paid $ 104.2 million for a deal that closed Nov. 5.
Bayside Arbors, a 436-unit apartment complex at 2729 Seville Blvd. in Clearwater. The Connor Group in Dayton, Ohio bought the complex on December 15 for $ 93.25 million.
The attraction of the gatewaywith 274 units on 8851 US Highway 19 N. in Pinellas Park, sold September 25 for $ 66 million to General Services Corp. in Richmond, Virginia.
Promenade at Glockenspiel, a shared apartment with 334 residential units in the Carillon Business Park. Starlight US Multi-Family, an investment vehicle for Starlight Investments, paid $ 64.1 million for the property on Jan. 8.
Dunedin Commons, a 280-unit shared apartment at 2701 Dunedin Commons Place, was sold to Westdale Asset Management Ltd. on February 18 for $ 62.5 million. sold.
Brittany Bay apartments, with 568 units on 1201 Seminole Blvd. of Largo, sold Feb. 4 for $ 61.34 million to Seminole Boulevard Apartments LLC of Tampa.
Madison PlaceWith 456 units at 2690 Drew Street, Clearwater, the company was sold on December 15 for $ 57.58 million to Infinity the Standard, a company affiliated with Infinity Acquisitions and Infinity BH Real Estate Investments of Surfside, Florida .
Estates in the country, A 320-unit complex at 2652 N. McMullen Booth Rd. Sold to TruAmerica Multifamily, a Los Angeles multi-family investor and operator, for $ 56.7 million on September 21.
Woodland Key Apartments, a 416 unit complex at 2770 Roosevelt Blvd. in Clearwater on July 16 for $ 55.75 million. The buyer was Ashcroft Capital, a national multi-family investment firm based in New York
Seagull Harbor at 17105 Gulf Blvd. N. sold for $ 55 million on Oct. 27. The buyer, General Services Corp., purchased 237 units of the 263 unit property.