29th Street Capital Expands FL Footprint
- Feb 15, 2019
29th Street Capital has purchased Calais Park Lofts Apartments, a 261-unit community in St. Petersburg, Fla. This marks the company’s first acquisition in the Tampa-St. Petersburg market. Cushman & Wakefield arranged the sale of the property, on behalf of the seller, Venterra Realty. The company sold the property after six years of ownership, according to Yardi Matrix.
Located at 5800 Calais Lane, the community is just off Interstate 275, approximately 5 miles from downtown St. Petersburg and 19 miles from downtown Tampa. Additionally, Calais Park Lofts is situated 8 miles from St. Pete-Clearwater International Airport and within 17 miles from Tampa International Airport. The property also provides easy access to the Port of Tampa, which employs around 85,000 people.
“The property has easy access to downtown St. Pete and Tampa, the Gulf Coasts many beaches and parks, and the Sunshine Skyway Bridge, which we think residents will find desirable,” said Ryan Smyth, vice president of Acquisitions at 29th Steet Capital, in prepared remarks. “Florida is experiencing profound growth and 29SC is excited to enter the market to offer high quality yet still affordable housing.”
Built in 2002, the 42-building community occupies 17 acres and comprises a mix of one-, two- and three-bedroom units, averaging 1,215 square feet. The apartments feature vaulted ceilings and washers and dryers. Communal area amenities include controlled access, fitness center, clubhouse, swimming pool, spa and laundry facilities.
The buyer plans to upgrade the units with granite countertops, stainless steel appliances and backsplashes. Other plans include the renovation of the clubhouse and the fitness center, as well as the landscaping and the signage of the property.
Image courtesy of 29th Street Capital