News Summary
ResProp Management has completed the acquisition of Gateway on 4th Apartments in St. Petersburg, Florida, for $37 million. The multifamily property, consisting of 304 units, has shown high occupancy since its construction in 1974. The deal, supported by a Freddie Mac-backed loan, aims to enhance ResProp’s portfolio while undertaking significant renovations to improve living conditions.
St. Petersburg, Florida – ResProp Management, based in Austin, Texas, has finalized the acquisition of Gateway on 4th Apartments for $37 million. This multifamily property, comprised of 304 units, has a strong record of maintaining high occupancy rates since its construction in 1974. The acquisition deal was completed on June 30, 2023, and is set to enhance ResProp Management’s growing portfolio in the region.
The purchase was facilitated through a Freddie Mac-backed loan totaling $33.3 million. This financing, arranged by Berkadia, features a fixed rate over a five-year term and incorporates three years of interest-only payments. Such favorable financing conditions reflect the current strong demand from lenders in the market for multifamily properties.
Gateway on 4th consists of 32 two-story apartment buildings spread across a 15-acre site. Units range in size from 618 to 1,498 square feet, with a mix of one-, two-, and three-bedroom layouts available. The property also boasts several amenities, including a swimming pool with a sundeck, a 24-hour fitness center, a bark park, a dog wash station, an outdoor kitchen with picnic seating, a firepit area, a jogging trail, and a children’s playground.
ResProp Management intends to carry out significant in-unit renovations at the Gateway on 4th Apartments. Planned upgrades include the addition of washers and dryers in units, installation of new appliances, and contemporary updates to flooring and fixtures. These improvements are aimed at enhancing the living experience for residents while potentially increasing property value.
Berkadia’s Managing Director has noted the strong track records of both the buyer and seller in property management, which contributed to the successful transaction. The development is strategically located near essential amenities such as major highways, schools, and local employers, providing convenient access to Tampa and the St. Petersburg beaches.
Gateway on 4th Apartments has demonstrated resilience in occupancy levels despite its age, highlighting the appeal of the property within the multifamily market. ResProp Management’s acquisition of the Gateway on 4th stands as an important step in expanding their influence in Florida’s competitive rental market, aligning with their strategy of owning and operating similar properties in the region.
Deeper Dive: News & Info About This Topic
HERE Resources
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Additional Resources
- Yield Pro: Gateway on 4th Apartments
- Wikipedia: Multifamily Housing
- St. Pete Catalyst: Multifamily Development Lists
- Google Search: Multifamily Properties Investing
- St. Pete Rising: Hermitage Apartments Sale
- Encyclopedia Britannica: Apartment
- Multifamily Dive: Florida Apartment Strategy
- Google News: Real Estate Florida
Author: STAFF HERE PETERSBURG WRITER
ST PETERSBURG STAFF WRITER The ST PETERSBURG STAFF WRITER represents the experienced team at HEREStPetersburg.com, your go-to source for actionable local news and information in St Petersburg, Pinellas County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Grand Prix of St. Petersburg, Localtopia, and SHINE Mural Festival. Our coverage extends to key organizations like the St. Petersburg Area Chamber of Commerce and St. Pete Downtown Partnership, plus leading businesses in finance, manufacturing, and healthcare that power the local economy such as Raymond James Financial, Jabil, and Bayfront Health St. Petersburg. As part of the broader HERE network, including HEREJacksonville.com, HEREOrlando.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
