A weekly roundup of local real estate deals.
Largo apartments sell in $34.3 million deal
The Everest Autumn Chase Apartments in Largo have sold to Otto Investment Group for roughly $34.3 million.
The Clearwater-based Otto Investment Group is a real estate investment and asset management company that focuses on the acquisition, redevelopment and management of multifamily residences throughout Florida.
Otto Investment Group took out a $32.2 million mortgage loan from BDS IV Mortgage Capital J LLC for the purchase.
Everest Autumn Chase Apartments, now renamed Altura Largo, was recently renovated and has one- and two-bedroom units.
The property was built in 1975 and has a total of 128 units.
The amenities include a lakeside pool, laundry facilities and a fitness center.
Otto Investment Group President Adrian Otto said the purchase was to expand the firm’s portfolio.
Otto said the 12 acres of land and greenery around the apartments grabbed his attention. “The market is very competitive. We are even looking at constructing new units because there’s a massive shortage of supply, 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 staircases with metal, changing the windows, adding laundry-ready connections in units, and remodeling the pool to become a resort-style pool. The firm also plans to build a new fitness center from the ground up.
Earlier this year, Otto Investment Group acquired the 140-unit West River Flats in Tampa from a private investor for $22.2 million.
In 2020, it closed on the 126-unit Old Southeast Apartments.
Otto said the firm is interested in properties that have the potential to 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 has sold in a $7.1 million deal.
The owner, under the entity Chateau Galinski LLC, sold the six-bedroom home to an entity tied to Equity Management Partners. The principal of the firm is real estate mogul Ben Mallah, according to public records.
The six-bedroom home is on a 1.82-acre lot that sits high above the water and boasts open views of Sand Key and Clearwater Harbor.
“We had interests in this property from all over the U.S. and it ultimately sold to a local buyer,” said Rick Perry with Century 21.
His partner Dania Perry represented the seller and buyer. The duo worked with the owner for over a year of having the estate listed on the market. They described the estate as having a Great Gatsby-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.
The highlights of the property, built in 1991, include the executive office with a fireplace and private bath.
Upstairs, there are bedroom suites, a second large office and an entertainment room with a wood lacquered wet bar, a fitness room, a steam shower and a sauna.
Outside, there is a pool/spa deck area with a gazebo and cabana on an upper level with an outdoor cooking area.
On a lower level, there is a lighted tennis court.
The property also features a separate guest house with a full kitchen, bath, living room, bedroom and private waterfront balcony.
The property includes a boat slip and dock that’s located in a protected, private marina adjacent to the property.
Mill Creek Residential closes on a property by the Trop for a 20-story tower
The Mill Creek Residential development group has closed on a downtown property to build a new 20-story multifamily development.
The South Florida-based investor bought a former industry property at 201 17th St. South in a $10.3 million deal from Tricera Capital, a Miami-based real estate investment firm that has several properties in St. Pete. The deal closed on Nov. 19.
The two-acre property has an existing 92,248-square-foot building, which would be demolished.
The project entails constructing a 20-story and an eight-story building with 383 dwelling units.
At the time of the sale, Mill Creek Residential took out an $83.85 million mortgage loan from PNC.
Read here for more details about the purchase.
Holiday Inn St. Petersburg West has new ownership
The Holiday Inn St. Petersburg West hotel, owned by the IHG Hotel group, has sold in an $11.8 million deal.
The hotel, at 1200 34th St. N., was 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 hotel was built in 2000 and is the latest Holiday Inn to be built in the area, according to its description.
Jay and Vivek Corp. took out a $7.67 million mortgage loan from Legence Bank.
Homeowner sells Yacht Club estate in the largest-ever sale for the neighborhood
The home at 7988 10th Ave. South in St. Petersburg has sold for $2.95 million – the largest sale in the Yacht Club neighborhood.
Laura Coppola, a realtor with Compass Florida LLC who is also the homeowner, sold the five-bedroom waterfront home to the Testa Trustees. It was under contract within 72 hours of appearing online.
The 4,168 square-foot home is nestled in a cul-de-sac on 10th Avenue. The California contemporary-style home was built in 2018.
An aerial view of the home at 7988 10th Ave. South, St. Petersburg. Realtor.com.The backyard features a pool, gazebo entertainment area and a boat lift.
The home has extensive stonework in the exterior and interior, and has French oak floors throughout.
Coppola said she and her husband plan to stay in the area.
Pascale Durand with Coldwell Banker Realty represented the buyer.
Construction will start on an 18-story condo tower in downtown St. Pete
The 18-story Reflection condo tower will break in downtown St. Pete this February.
The 88-unit complex is planned near Mirror Lake at 8th Street and 3rd Avenue North, on land that serves as a parking lot of the Lyceum, an event venue now being used by Bridgepoint Church.
St. Petersburg-based HP Capital is the developer and Tampa-based Kast Construction is the general contractor.
The group is under contract to purchase the parking lot site.
Commercial real estate developer and St. Pete native Jon Reno LaBudde is representing HP Capital.
Once construction commences, it’s expected to take 18 months to complete, which sets a target opening date in late 2023.
Lake Tarpon hotel sells
Gold Sun Hospitality has sold the Vista Inn on Lake Tarpon in Palm Harbor hotel to RT2 Investments LLC in a $6.85 million deal.
The hotel at 37611 U.S. Highway 19 N. was built in 1998 and has 98 units with private patios.
The 44,750-square-feet, Mediterranean-style hotel is home to the restaurant Giovanni’s.