Apartment complex in St. Petersburg sold for $ 56 million

A large apartment complex near the southern tip of St. Petersburg was sold to a New York real estate investment firm for $ 56 million.

Axonic Properties, which owns a handful of apartments and condominiums in the Tampa Bay area, acquired Osprey Point Apartments in Pinellas Point on June 22, according to a deed filed with Pinellas County. The seller was a consortium of limited partnerships and limited liability corporations based in Iowa.

The 517 unit complex on 55th Ave. S. 1900, formerly known as Queensmark Apartments, was built in 1974. The complex formerly known as Queensmark Apartments was renamed Osprey Point in the early 2010s.

In a statement, Darron Kattan, of Tampa’s Franklin Street commercial real estate firm, which brokered the deal, said Pinellas Point’s proximity to the beach has made it an “increasingly sought-after rental market.”

“The demand for multi-family investments in Tampa Bay continues to skyrocket, and the solid demographic trends and rental growth of the market are pushing values ​​to new highs every day,” said Kattan.

For Axonic Properties, it’s the latest in a line of condos and apartments across Florida, including at least nine in Tampa Bay.

In 2019, Axonic paid more than $ 60 million for the 354-unit Marquis of Tampa in Tampa; and more than $ 7 million to participate in the 240-unit enclave at Sabal Pointe, also at Pinellas Point.

In the past decade, the company has also bought and subsequently sold six other apartment and condominium complexes in the Tampa Bay area, according to its website. Axonic sold a property, Hanley Place Apartments in Tampa, for $ 42 million; and another, the Heritage at Temple Terrace Apartments, for nearly $ 16 million.

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