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You are here: Home / Residential Real Estate & Developers / Multifamily complex near St. Petersburg sells for $6.95M

Multifamily complex near St. Petersburg sells for $6.95M

October 16, 2018 by Post

The 84-unit Briar Hill Apartments will undergo interior and exterior upgrades

St. Petersburg, Fla. (October 16, 2018) – Briar Hill Apartments, an 84-unit, eight-building apartment complex near St. Petersburg in Kenneth City has sold for $6.95 million. The buyer, Arena NG, LLC, plans to do interior and exterior upgrades to the property.

Craig Brown, Senior Associate, and Will Mathews, Senior Vice President and Principal, both with Colliers International’s East Region Multifamily Advisory Group, represented the buyer, Arena NG, LLC. The seller is Halt, LLC.

The community, which is centrally located in Pinellas County and 8 miles from downtown St. Petersburg, is the buyer’s first acquisition in the Tampa Bay market.

“This transaction points to the continued demand for well-located properties in the Tampa-St. Petersburg market,” said Colliers’ Brown. “This property is positioned to benefit from the demand and growing employment in the area.”

The multifamily property consists of one-bedroom, one-bathroom units and two-bedroom, two-bathroom units, and has such amenities as a pool and two on-site laundry facilities.

The complex is located at 5946 54th Ave. N in Kenneth City.

About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.

Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.

For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn.

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