TAMPA BAY, FL. – March 6, 2015 – (RealEstateRama) — Passco Companies, LLC has acquired the recently completed Azure Luxury Apartments, a 308-unit, Class A, luxury multifamily community in the City of St. Petersburg within the Tampa Bay region of Florida, for $54 million, according to Gary Goodman, Senior Vice President Acquisitions of Passco Companies LLC.
“Azure is located in one of the fastest growing job markets in the country. The St. Petersburg region has added over 65,000 jobs in the past 18 months alone,” explained Goodman. “With several planned office building developments underway in the region, demand for quality housing will continue to rise, especially among the area’s increasing population of professionals. These factors, combined with the community’s high-end finishes and amenities, will contribute to Azure’s strong future as a profitable acquisition for Passco’s investors.”
In addition to increased job growth, Goodman also notes that there has been a lack of multifamily development in the area in recent years, as well as high barriers to entry for new developments.
“St. Petersburg’s current multifamily inventory averages 20 years in age, and there are simply no other development sites remaining in the immediate area that would accommodate a garden-style multifamily community like Azure,” he explained. “This lack of supply has created substantial pent-up demand for quality housing, which was demonstrated during Azure’s rapid lease-up. The property is already 94 percent leased after being completed only one year ago.”
The Azure Luxury Apartments community is located in the center of the Tampa Bay market and 15 minutes from downtown St. Petersburg, an area that is emerging as a modern urban center with thriving nightlife, dining and shopping – all of which appeal to the area’s growing population of young professionals, according to Goodman.
“The local beaches, vibrant arts district and strong Class A office market have made the St. Petersburg area a desirable place to live, work and play,” explained Goodman. “In addition, Azure’s exclusive location inside St. Petersburg’s highly desirable Carillon Park master planned community will also create further local interest in this luxury apartment community.”
The Carillon Park community was developed around Lake Carillon in the Carillon Park Nature Reserve. The community is home to a grocery store; several restaurants and hotels; a healthcare center; and a business park that features 2.2 million square feet of office space.
Azure Luxury Apartments is located at 540 Trinity Lane in the City of St. Petersburg, Florida. The property is made up of eight architecturally distinctive three-story and four-story buildings, which include one-, two- and three- bedroom units.
The units feature large floorplans with high-end finishes including stainless appliances; granite countertops and kitchen islands; designer cabinetry; plank wood flooring; full size washers and dryers, nine-foot ceilings; and private screened patios/balconies.
The apartment community also features luxury amenities, including an oversized resort-style pool, large state-of-the-art fitness center, garages, sports lounge, dog park, outdoor fire pits, car washing stations and electric car charging stations.
About Passco Companies, LLC
Passco Companies, LLC is a nationally recognized market leader in the acquisition, development, and management of multi-family and commercial properties throughout the U.S.
For more than 15 years, Passco has delivered sound investment strategies to clients, partners and investors, enabling them to create, maintain, and add value to their portfolios through a full set of real estate services, including investment advice, asset management, and brokerage, as well as property development, construction, and management services.
Headquartered in Irvine, California, Passco holds a diverse cross section of prime retail, multi-family, office and industrial properties nationwide, and has acquired, managed, and/or developed over $3 billion in property since its inception. The company is currently involved with 60 properties in 18 states, and is actively growing its investment portfolio in primary and secondary markets throughout the nation. More information is available at www.passco.com.
Corynne Randel / Jenn Quader
Brower, Miller & Cole