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.
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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
