261-Unit Property Hits Market as Strong Occupancies and Continued Rent Growth Fuel Strong Investor Interest in Value-Add Properties
ST. PETERSBURG, FL, September 11, 2018 — Cushman & Wakefield, as exclusive marketing agent, has announced the launch of its marketing campaign for Calais Park Lofts, a 2003-built rental community in St. Petersburg, Florida.
Owned and managed by Canada-based Venterra Realty, the offering presents a prospective investor the opportunity to acquire a unique, well-located property with significant revenue enhancement potential. The marketing team for Calais Park will be led by Senior Director Luis Elorza, Senior Director Brad Capas and Vice Chair Robert Given of Cushman & Wakefield’s Florida Multifamily Investment Sales Team.
Calais Park consists of 261 rental homes in 37, two-story buildings on a 17.6-acre site. The gated community offers some of the largest units in the North St. Petersburg market, averaging 1,216 square feet.
“Calais Park is distinguished by its loft-style units with private entries, tall ceilings, direct-access garages and larger than average unit size, all of which enable it to effectively compete with newer properties,” said Elorza. “It is an extraordinary value-add candidate, presenting an investor with an exciting opportunity to drive revenue and value through implementation of a high-end property enhancement program.”
According to statistics published by Axiometrics, apartments in the North St. Petersburg submarket are approximately 96 percent occupied and have experienced rent growth of approximately 4.3 percent in 2018. This compares favorably with the overall Tampa – St. Petersburg MSA, which is reported to be 95.7 percent occupied and experiencing rent growth of 4.4 percent.
Added Capas, “St. Petersburg is increasingly popular among apartment renters and multifamily investors due to its strong market fundamentals, depth of employment opportunities and the emergence of downtown St. Petersburg as a preferred entertainment district. The convenient location of Calais Park, just minutes from downtown St. Petersburg and the Gateway/Carillon employment district, make it ideal for residents and investors alike.”
Calais Park Lofts is located at 5800 Calais Lane at the northeast quadrant of Interstate 275 and 54th Avenue North.
Cushman & Wakefield’s Florida Multifamily Team is directed by Given, and includes Elorza and Capas leading West Florida; Zachary Sackley, Troy Ballard, Neal Victor, Calum Weaver and Errol Blumer in South Florida; Jay Ballard and Ken Delvillar in Central Florida; and Julie Bohn in Jacksonville. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance transactions for the team throughout Florida.
About Cushman & Wakefield:
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.