Axonic Properties has acquired the 517-unit Osprey Pointe Apartments in St. Petersburg, Fla., from BH Equities, in an off-market transaction. Franklin Street arranged the $56 million deal.
Yardi Matrix data shows that the buyer assumed the outstanding balance of a $36.6 million CMBS loan originated last year. The 10-year loan was provided by Capital One, at a 3.19 percent interest rate.
Located at 1900 55th Ave. S., the 20-building garden-style property encompasses one- and two-bedroom apartments, with floorplans ranging from 625 to 1,058 square feet. Osprey Pointe features a tennis court, a playground, a dog park, a swimming pool, a sundeck and laundry facilities. Axonic Properties intends to make significant improvements to the 1974-built community.
Multiple schools are situated nearby, including Bay Point Elementary School, McMannis Preschool and Child Care Center, and Lakewood High School. Roughly a mile west, the Interstate 275 retail corridor is home to a variety of shopping and dining spots.
Franklin Street’s Darron Kattan, Zach Ames, Avery Jordan and Mark Savarese brokered the transaction. In November, the same brokers arranged the sale of a garden-style community in Naples, Fla. for a little more than $25 million. Axonic Properties was the former owner of the 200-unit asset.