Clarion Partners Buy Tampa-Area Community

West Port Colony. Image courtesy of JBM Institutional Multifamily Advisors

Clarion Partners has acquired West Port Colony, a 324-unit community in St. Petersburg, Fla. The property sold for $54.5 million, or $168,360 per unit. 

AEW Capital Management Co. was the seller of the 30-year-old, value-add property located at 190 112^th Ave. N. in the Brighton Bay neighborhood north of downtown St. Petersburg. The sale was facilitated by JBM Institutional Multifamily Advisors.

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Comprised of 15 two- and three-story residential buildings, West Port Colony features a blend of one-, two- and three-bedroom apartments averaging 801 square feet.

Apartments offer features and finishes that include 9-foot ceilings, balconies, laminate flooring, washer-dryers and lake or pool views. Leading the list of amenities is a swimming pool with Wi-Fi and poolside cabanas in addition to lounge chairs and patio tables. 

Booming neighborhood

“The property is located in the heart of the Gateway area, which hosts several Fortune 500 companies and more than 63,000 high-wage jobs,” Justin Hofford, director of valuation and advisory services for JBM Institutional Multifamily Advisors, told Multi-Housing News. 

Among major employers in the submarket are Jabil Circuit, Raymond James, Tech Data, Spectrum, Franklin Templeton Investments, St. Anthony’s Hospital and Home Shopping Network, as well as a number of industrial and business parks. Employment centers include the Carillon Business Park and Westshore Business District. The central business districts of St. Petersburg, Tampa and Clearwater are minutes away on Interstate 275, U.S. 19, Gandy Boulevard, Ulmerton Road, Fourth Street North and Roosevelt Boulevard, to name a few local thoroughfares.

The apartment community is convenient to St. Petersburg College, as well as retailers, restaurants, parks, beaches and military bases.