News Summary
A Texas-based investment firm has purchased the Carillon Bay Apartments in St. Petersburg for $37 million. This multifamily complex features 304 units with various layouts and desirable amenities. The transaction, managed by CBRE, signifies a strong demand in the growing multifamily housing market. With community amenities like a resort-style pool and fitness center, Carillon Bay is positioned to attract families and individuals alike. Other notable transactions indicate that the trend toward quality multifamily living spaces in the region is on the rise.
St. Petersburg, Florida – A Texas-based investment firm has purchased the Carillon Bay Apartments, a multifamily complex in St. Petersburg, for $37 million. The transaction was facilitated by CBRE, a global real estate services firm, and marks a significant investment in the growing multifamily housing market in the area.
The Carillon Bay Apartments, previously known as Gateway on 4th, comprises 304 units spread across 32 two-story buildings within the Gateway Business District. The complex offers a variety of apartment layouts, including one, two, and three-bedroom options, with sizes ranging from 618 to 1,498 square feet. The apartments are equipped with desirable features such as walk-in closets, in-unit washer/dryers, and private patios or balconies.
In addition to the apartment features, Carillon Bay provides residents with a range of community amenities designed to enhance the living experience. These amenities include a resort-style swimming pool, a fitness center open 24/7, a dog park, and a children’s playground, making it an attractive option for both families and individuals.
The sale of Carillon Bay Apartments was managed by CBRE representatives Michael Regan, Cameron Barbas, and Matthew Valeri, who acted on behalf of the seller, Eagle Property Capital. The acquisition comes at a time when the multifamily housing market is experiencing notable growth, reflecting a continued demand for rental properties.
Market Trends and Industry Insights
The multifamily housing sector is currently a focal point of discussion at various real estate industry events. Upcoming conferences, such as InterFace Kansas City Multifamily, will address ongoing trends and challenges within the rental market, providing insights and networking opportunities for industry professionals. These discussions will cover various aspects of real estate, from apartment markets to industrial development trends.
In addition to the sale of Carillon Bay, other significant transactions in the St. Petersburg area include the recent sale and rebranding of The Hermitage Apartment Homes to Windsor Central Arts for $104.46 million by General Investment & Development (GID). This property stands out for its high-end amenities, which include a rooftop pool, fitness center, and ground-floor retail options, further illustrating the growing interest in quality multifamily living spaces in the area.
Other Recent Transactions in the Region
Another notable transaction in St. Petersburg is the acquisition of Gateway on 4th Apartments by ResProp Management for $37.03 million, with plans for renovations to modernize the property. Originally built in 1974, the Gateway on 4th spans 15 acres and has received financial backing in the form of a $33 million loan from Berkadia, secured by Freddie Mac. ResProp Management has a substantial presence in the Southern United States, operating over 20,000 units across more than 100 apartment communities and maintaining a portfolio of 34 properties in Florida, primarily along the Gulf Coast.
Conclusion
The recent sale of Carillon Bay Apartments, along with other significant real estate transactions in the St. Petersburg region, signals a robust demand for multifamily living spaces. With continued investment in this market, local residents can expect enhanced living environments and expanded amenities at these multifamily complexes. As industry professionals convene to discuss trends and challenges in the rental housing market, the future of multifamily properties in St. Petersburg remains promising.
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Additional Resources
- Rebusiness Online: CBRE Arranges Sale of Multifamily Apartments in St. Petersburg, Florida
- Wikipedia: St. Petersburg, Florida
- Fox 13 News: Tenants Warned About Water Shut-off
- Google Search: Multifamily Housing Market Trends
- St. Pete Rising: Hermitage Apartments Sells
- Google Scholar: Real Estate Investments
- Business Observer: St. Petersburg Apartments Sold
- Encyclopedia Britannica: Real Estate Market
- St. Pete Catalyst: Multifamily Development Lists for Sale
- Google News: St. Petersburg Real Estate
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.
