St. Petersburg Deal Sets Central Florida Record

Courtney at Bay Pines traded for the highest price ever paid in the area for a garden-style community.

Courtney at Bay Pines. Image courtesy of Newmark Knight Frank

Northwestern Mutual has sold Courtney at Bay Pines, an apartment community in St. Petersburg, Fla., for $85.1 million. The five-year-old, 330-unit garden-style property at 4652 Miramar Drive features eight separate buildings of concrete block construction with pitched tile roofs. The buildings are two, three and four stories in height. Units include carriage through three-bedroom floorplans and extend from 820 to 1,469 square feet in size.

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Among the unit features are above-average ceiling heights, in-unit washers and dryers, microwave ovens, high-speed Internet and in most, private balconies or patios. Topping the list of common-area amenities is a community lounge and party space featuring Wi-Fi and a gaming station.

Situated in Pinellas County less than a mile away from Gulf of Mexico beaches, and offering views of the Intracoastal Waterway and Gulf, Courtney at Bay Pines is steps from shopping and restaurants. The property is located across the street from the Bay Pines VA Healthcare System medical center. It is also situated within 15 minutes of downtown St. Petersburg and is a similar distance from Florida Botanical Gardens.

 The property was 95 percent occupied at the time of sale.

NKF Multifamily Vice Chairman Patrick Dufour, Director Ryan Crowley and Associate Pibu Aulakh represented the seller in the transaction. Vice Chairman Patrick Adam Randall, Assistant Vice President John Westby-Gibson and Associate John Meany arranged for a loan on behalf of the buyer.

The sale price of Courtney at Bay Pines set a new pricing record for garden-style apartment communities in Central Florida.

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