TAMPA, FL, January 24, 2020 — Cushman & Wakefield has arranged the sale of Promenade at Carillon, a 334-unit multifamily asset in St. Petersburg’s renowned Gateway submarket. The garden-style community is in the heart of Carillon Park, one of the Tampa Bay region’s most exclusive corporate parks.
Cushman & Wakefield’s Florida Multifamily Investment Sales Team represented Boston-based TA Realty, one of the largest buyers and sellers of commercial real estate in the U.S., in the disposition.
The buyer is Starlight Investments, a Toronto-based investment company focused on multifamily assets throughout North America. Senior Director Chris Lentz, Executive Managing Director Robert Kaplan and Senior Financial Analyst Mark Rutherford, of Cushman & Wakefield’s Equity, Debt & Structured Finance team, facilitated acquisition financing on the buyer’s behalf.
Developed in 1994, Promenade at Carillon is comprised of 13, three-story residential buildings with a mix of one-, two- and three-bedroom floor plans. The residences at Promenade offer nine-foot ceilings, screened balconies and a combination of upgraded and classic units. Community amenities include a large swimming pool with expansive sundeck, outdoor grilling area, dog park and renovated clubhouse/leasing center with resident lounge, business center and fitness facility. The property encircles an expansive nature preserve that provides residents with desirable views and a unique, serene atmosphere.
Over the past several years, TA Realty invested significantly in capital improvements including roof and balcony replacement, amenity upgrades, landscaping improvements and partial interior renovations.
“Promenade at Carillon’s irreplaceable location, extensive capital investment by the seller and incredible upside potential combined to make it the prototypical value-add investment opportunity,” said Cushman & Wakefield Executive Director Brad Capas. “Investor interest in this unique asset was extremely robust.”
Situated on ±15 acres at 540 Carillon Parkway, Promenade is centrally located in St. Petersburg’s Gateway office district which, according to data compiled by Cushman & Wakefield research, is home to over 9 million square feet of office space and approximately 60,000 jobs. The area’s major employers include Raymond James, Home Shopping Network, Franklin-Templeton and Jabil Circuit.
Cushman & Wakefield’s Florida Multifamily Team, directed by Robert Given, includes, Capas, Michael Mulkern, Nicholas Meoli and Michael Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.
About Cushman & Wakefield:
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida