News Summary
Berkadia has secured a $33.3 million loan for the acquisition of Gateway on 4th Apartments in St. Petersburg, a multifamily asset featuring 304 units and numerous amenities. This financing, arranged for a Texas-based firm, closed on June 30. The property will undergo significant renovations to enhance living conditions. Its prime location provides easy access to major highways and local schools and employers, making it an attractive option for tenants in the growing St. Petersburg area.
St. Petersburg, Florida – Berkadia has successfully secured a $33.3 million loan for the acquisition of Gateway on 4th Apartments, a notable multifamily asset located in St. Petersburg. This financing arrangement was executed on behalf of a Texas-based firm and was finalized on June 30 of this year.
The Gateway on 4th Apartments property consists of 304 units, featuring a mix of one-, two-, and three-bedroom apartments which range in size from 618 to 1,498 square feet. This complex, built in 1974, spans a 15-acre site and comprises 32 two-story apartment buildings. The community is equipped with several amenities, including:
- A swimming pool with sundeck
- A 24-hour fitness center
- A bark park and dog wash station
- An outdoor kitchen with picnic seating
- A firepit area
- A jogging trail
- A children’s playground
Brad Williamson, a Managing Director at Berkadia, highlighted the property’s strong occupancy history and its prime location within one of Florida’s fastest-growing metropolitan areas. The loan terms offered by Freddie Mac were noted as competitive and tailored to support the firm’s strategic business plan.
Following the acquisition, extensive renovations are planned for the community, which include the addition of washer/dryers in each unit, installation of new appliances, and updates to flooring and fixtures as necessary. These improvements aim to enhance the living experience for current and future residents.
The property is conveniently located within a short drive to major highways, being just 5 minutes from I-275 and Highway 92. It is also 20 minutes from downtown Tampa, 15 minutes from downtown St. Petersburg, and 25 minutes from the beaches of St. Pete. The apartments benefit from their proximity to key local schools and employers, such as:
- Pinellas County Schools
- St. Petersburg College
- Galen College of Nursing
- Publix
- Jabil
- HSN
- HCA Florida Northside Hospital
The acquisition marks a significant investment in the region’s multifamily housing sector, with ResProp Management, an Austin-based real estate firm, purchasing the property for $37.03 million. This purchase comes after the previous owner, a South Florida investor, acquired the property for $32.88 million in 2017. ResProp management oversees over 20,000 units across more than 100 apartment communities, holding a total asset value of approximately $2 billion.
With its strategic location and extensive amenities, the Gateway on 4th Apartments is poised to attract tenants looking for quality housing options in the growing St. Petersburg area. The planned renovations and proximity to major highways and local employers further position this property as a desirable living space in the competitive Florida housing market.
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Additional Resources
- Yield Pro: Gateway on 4th Apartments
- Google Search: St. Petersburg Florida apartments
- Business Observer: St. Petersburg Apartments Sold
- Wikipedia: Real estate in the United States
- St. Pete Catalyst: Palm Harbor Apartments Sell
- Encyclopedia Britannica: Apartment
- St. Peterising: Done Deals St. Pete Apartments
- Housing Finance: Financing Secured for Affordable Housing
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.
