St. Petersburg, FL – December 8, 2011 – (RealEstateRama) — CBRE announced today the sale of The Isles of Gateway, a 212-unit apartment community located in St. Petersburg’s Gateway submarket. Located at 10600 Fourth Street North, The Isles of Gateway was acquired by Robbins Property Associates for $16.82 million, or $79,340 per unit. CBRE’s Multi-Housing Group in Tampa marketed the property for sale and negotiated the transaction on behalf of the seller, CAPREIT.
Built in 1987, the gated community sits on an 18-acre site and features one-, two- and three-bedroom units totaling 173,820 rentable square feet. Amenities include a clubhouse with fitness center, a resort-style pool and spa, lighted tennis courts, basketball courts, sand volleyball, a children’s playground, dog park, picnic area and car center. At the time of closing, The Isles of Gateway was 95% occupied.
Robbins Property Associates is a Newton, Massachusetts-based investment company which has been very active in the Florida markets over the previous two years. They plan a minor renovation program for the property which includes some exterior improvements as well as a continued interior renovation program previously initiated by the seller. The acquisition was financed with a new 7-year Freddie Mac loan.
CAPREIT owns and manages multifamily housing communities across the United States. Senior Vice Presidents John Selby and Jim Bobbitt lead the CBRE Multi-Housing Group team in Tampa.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Contact:
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
