ARA Newmark Brokers $64.1M Sale of Multifamily Community in Tampa Bay Area
ST. PETERSBURG, FLA. — ARA Newmark has arranged the $64.1 million sale of Reserve at Gateway, a 314-unit apartment community located at 500 Trinity Lane in St. Petersburg. Patrick Dufour, Richard Donnellan, Scott Ramey and Ryan Crowley of ARA Newmark arranged the transaction on behalf of the seller, New York-based Clarion Partners. Matthew Williams of NKF Capital Markets arranged acquisition financing for the asset on behalf of the buyer, Philadelphia-based Equus Capital Partners. Constructed in 1999, the property underwent renovations between 2013 and 2017. Individual units feature crown molding, faux-wood flooring, stainless steel appliances, granite countertops and new cabinetry and lighting. Community amenities include a resort-style pool, outdoor kitchen, fitness center, lighted tennis court, car care center and a dog park.