A weekly overview of local real estate offers.
Largo’s apartments sell for $ 34.3 million
The Everest Autumn Chase Apartments in Largo were sold to Otto Investment Group for approximately $ 34.3 million.
Otto Investment Group, based in Clearwater, is a real estate investment and asset management firm focused on the acquisition, redevelopment and management of multi-family residences throughout Florida.
Otto Investment Group has a mortgage loan of $ 32.2 million from BDS IV Mortgage Capital J LLC for the purchase.
Everest Autumn Chase Apartments, now renamed Altura Largo, has been recently refurbished and has one and two bedroom units.
The property was built in 1975 and has a total of 128 units.
Facilities include a lakeside swimming pool, laundry facilities and a fitness center.
Otto Investment Group chairman Adrian Otto said the purchase was aimed at expanding the company’s portfolio.
Otto said the 12 acres of land and greenery around the apartments caught his eye. “The market is very competitive. We are even considering building new units as there is a massive supply shortage and single family homes are not necessarily affordable for everyone, ”he said.
The group plans to remodel the entire facade, including replacing the deteriorating wooden stairs with metal, changing the windows, adding laundry-ready connections in the units and remodeling the pool into a intricate style. The company also plans to build a new fitness center from scratch.
Earlier this year, Otto Investment Group acquired the 140 West River Flats units in Tampa from a private investor for $ 22.2 million.
In 2020, it closed on all 126 Old Southeast apartments.
Otto said the company was interested in properties that could be upgraded and improved.
Belleair estate with tennis court sells for over $ 7 million
A nearly 12,000 square foot estate in the prestigious Belleair neighborhood was sold for $ 7.1 million.
The owner, under the entity Chateau Galinski LLC, sold the six-bedroom house to an entity related to Equity Management Partners. The director of the company is real estate mogul Ben Mallah, according to public records.
The six bedroom home sits on 1.82 acres of land that overlooks the water and offers unobstructed views of Sand Key and Clearwater Harbor.
“We had interests in this property from across the United States and it was ultimately sold to a local buyer,” said Rick Perry of Century 21.
His partner Dania Perry represented the seller and the buyer. The duo worked with the owner for over a year to get the domain listed. They described the estate as having a Gatsby the magnificent-like style, a reference to the classic jazz age novel by F. Scott Fitzgerald.
The estate has 21 foot high ceilings, gas fireplaces, waterfront decks and balconies.
Highlights of the property, built in 1991, include the executive office with a fireplace and a private bathroom.
Upstairs there are bedrooms, a second large office and an entertainment room with a lacquered wood wet bar, a gym, a steam shower and a sauna.
Outside there is a pool / spa terrace with a gazebo and a cabana on the upper level with an outdoor kitchen area.
On a lower level there is a lighted tennis court.
The property also has a separate guesthouse with a full kitchen, bathroom, living room, bedroom, and a private waterfront balcony.
The property includes a landing stage and dock located in a private protected marina adjacent to the property.
Mill Creek Residential farmhouse on property near Trop for a 20-story tower
The Mill Creek residential development group has closed on a downtown property to build a new 20-story multi-family development.
The South Florida-based investor bought a former industrial property at 201 17th St. South in a $ 10.3 million deal from Tricera Capital, a Miami-based real estate investment company that owns several properties in St. Pete. The deal was reached on November 19.
The two-acre property has an existing 92,248 square foot building, which would be demolished.
The project includes the construction of a 20-storey building and an eight-storey building with 383 residential units.
At the time of the sale, Mill Creek Residential had a mortgage loan of $ 83.85 million from PNC.
Read here for more details on the purchase.
Holiday Inn St. Petersburg West has a new owner
The Holiday Inn St. Petersburg West, owned by the IHG Hotel group, was sold for $ 11.8 million.
The hotel, located at 1200 34th St. N., has been sold to Florida-based Jay and Vivek Corp., which owns several hotels and motels.
The 129-unit, 73,225 square foot Holiday Inn St. Petersburg West was built in 2000 and is the last Holiday Inn to be built in the area, according to its description.
Jay and Vivek Corp. took out a mortgage loan of $ 7.67 million with Banque Légence.
Owner sells Yacht Club estate in neighborhood’s biggest sale ever
The house located at 7988 10th Ave. South in St. Petersburg sold for $ 2.95 million – the biggest sale in the Yacht Club district.
Laura Coppola, a Compass Florida LLC real estate agent who also owns, sold the five-bedroom waterfront home to the directors of Testa. It was under contract within 72 hours of going live.
The 4,168 square foot home is nestled in a cul-de-sac on 10th Avenue. The contemporary-styled California home was built in 2018.
An aerial view of the house at 7988 10th Ave. South, St. Petersburg. Realtor.com.The backyard has a swimming pool, gazebo and boat lift.
The house has large masonry on the outside and inside, and has French oak floors throughout.
Coppola said she and her husband plan to stay in the area.
Pascale Durand of Coldwell Banker Realty represented the buyer.
Construction begins on 18-story condo tower in downtown St. Pete
The 18-story Reflection condo tower will collapse in downtown St. Pete in February.
The 88-unit complex is planned near Mirror Lake at 8e Street and 3e Avenue North, on land that serves as a parking lot for the Lyceum, an event venue currently used by Bridgepoint Church.
HP Capital, based in St. Petersburg, is the developer and Kast Construction, based in Tampa, is the general contractor.
The group is under contract to purchase the parking space.
St. Pete native and commercial real estate developer Jon Reno LaBudde represents HP Capital.
Once construction begins, it is expected to take 18 months to complete, setting a target opening date for the end of 2023.
The Tarpon Lake Hotel sells
Gold Sun Hospitality sold the Vista Inn on Lake Tarpon in the Palm Harbor Hotel to RT2 Investments LLC in a $ 6.85 million deal.
The hotel located at 37611 US Highway 19 N. was built in 1998 and has 98 units with private patios.
The 44,750 square foot Mediterranean-style hotel is home to Giovanni’s Restaurant.