Tampa Bay area commercial real estate market continues to stabilize as two multifamily properties with the sum of $78 million are sold in the area. Area Property has acquired the multifamily properties— the Sabal Palm at Boot Ranch in Palm Harbor and Promenade located in St. Petersburg, Florida with about 766 rental units in total.
According to a press release, the multifamily properties were acquired from an undisclosed commercial seller.
AREA Property partner Steven Wolf said, the recently acquired multifamily properties have strong potential advantage because of its excellent locations and high quality building.
The recent acquisition is also inline with the company’s investment strategies for multifamily properties in a location that are poised with strong and recovering real estate market.
Sabal Palm at Boot Ranch has about 432 rental units with one- two- three- four- bedroom rental apartments. Area size of the units ranges from 633 square feet to about 1,400 square feet.
Amenities in the building include a business center, private balconies and patios, swimming pool, fitness center, plus a wireless internet connection at the poolside and clubhouse, according to a press release.
Promenade at Carillon also has 334 rental units with one- two- three- bedroom apartments in a two- storey building. It also have a business center, swimming pool, plus a biking, walking, and jogging trail, a fitness center and a children’s playground. Area sizes ranges from 670 square feet to 1,300 square feet, a statement from the press release.
Both the two multifamily properties are located near the St Petersburg/Clearwater International Airport and less than an hour from St Petersburg and Tampa Bay area.