CBRE Negotiates $10.6M Sale of Tampa Bay Multifamily Portfolio
ST. PETERSBURG, FLA. — CBRE has negotiated the $10.6 million sale of the Old Southeast Portfolio, a seven-property multifamily portfolio in St. Petersburg. The portfolio traded at $83,730 per unit, or a 5.3 percent cap rate. The buyer, Otto Investment Group, is planning both interior and exterior renovations across all seven properties. The seller, Second Half Properties, maintained 95 percent rent collection in April and May, according to CBRE.
The properties include Old Southeast Apartments, Tropical Shores, The Palms Apartments, Bayside Apartments, Park View Apartments, Lakewood Apartments and Uptown St. Petersburg. The communities are roughly 25 miles southwest of downtown Tampa. Joseph Thavis and Cameron Barbas of CBRE represented both the buyer and seller in the transaction.