Passco Bags New Apartment Community in Tampa Area for $54M

Passco Cos. has acquired the recently completed Azure Luxury Apartments, a 308-unit property in St. Petersburg, for $54 million.
57-143 Azure exterior FOR RELEASE

St. Petersburg, Fla.—Passco Cos. has acquired the recently completed Azure Luxury Apartments, a 308-unit property in St. Petersburg, for $54 million. The community, at 540 Trinity Ln., is comprised of eight buildings, variously three- and four-stories, that offer one-, two- and three-bedroom units.

Houston-based Hines paid $6.3 million for the Azure site in 2013, and work on the apartments was completed last year. The property is currently 94 percent occupied, according to Irvine, Calif.-based Passco.

Passco senior vice president-acquisitions Gary Goodman explained that with several planned office building developments under way in the region, demand for housing will continue to rise. The St. Petersburg region as a whole has added more than 65,000 jobs in the past 18 months alone, and in addition to increased job growth, Goodman also noted that there’s been a lack of multifamily development in the area in recent years.

Azure Luxury Apartments is in the Carillon Park master planned community. Carillon Park was developed around Lake Carillon in the Carillon Park Nature Reserve, and is home to a grocery store; several restaurants and hotels; a healthcare center; and a business park that features 2.2 million square feet of office space.

Common amenities at the Azure property include a resort-style pool, fitness center, garages, sports lounge, dog park, outdoor fire pits, car washing stations and electric car charging stations. Azure Luxury Apartments’ units feature stainless steel appliances; granite countertops and kitchen islands; plank wood flooring; nine-foot ceilings; and screened patios and balconies.