THE ISLES OF GATEWAY APARTMENT COMMUNITY SOLD FOR $16.82 MILLION

THE ISLES OF GATEWAY APARTMENT COMMUNITY SOLD FOR $16.82 MILLION

St. Petersburg, FL – December 8, 2011 – (RealEstateRama) — CBRE announced today the sale of The Isles of Gateway, a 212-unit apartment community located in St. Petersburg’s Gateway submarket. Located at 10600 Fourth Street North, The Isles of Gateway was acquired by Robbins Property Associates for $16.82 million, or $79,340 per unit. CBRE’s Multi-Housing Group in Tampa marketed the property for sale and negotiated the transaction on behalf of the seller, CAPREIT.

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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.

Contact:

Robert W. McGrath
Senior Director, Corporate Communications

+1 212 9846515
+1 800 7996523 FREE

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