Newmark Knight Frank (NKF) announces a combined sale and financing transaction for the 218-unit, Class A multifamily community of 930 Central Flats in St. Petersburg, FL. NKF Multifamily Capital Markets Vice Chairman Patrick Dufour represented the seller, a joint venture between The Bainbridge Companies and Abington Properties, in the disposition of the property together with Director Ryan Crowley while NKF’s Debt & Structured Finance group, led by Vice Chairman Steven Leitch, along with Managing Director George Wisecarver, arranged the Fannie Mae fixed-rate financing on behalf of the new owners.
“Marketing this property began in early 2020, but the global pandemic presented challenges to closing in Q1,” said Leitch. “Resilient performance and healthy capital markets in Q2 allowed the deal to regain traction. NKF sales and debt teams partnered together to ensure a successful late-July closing, despite surging new Covid-19 cases across Florida.”
“Bainbridge tapped into an under-served segment of the market in downtown St. Pete by developing a fully amenitized building with predominately studio and one-bedroom floor plans,” added Dufour. “They are providing a value option to young professionals and mature renters looking for a lower monthly rent check, a strategy that will serve the new owner well. Ownership intends to hold the asset long-term, as the nightlife and retail throughout the Edge District continues to improve and thrive.”
“We are thrilled to retain management of 930 Central Flats in St. Pete, Florida as part of our continued focus on third-party management growth,” said Dana Caudell, President of Property Management at Bainbridge. “Our incredible operations and marketing teams bring years of experience across a variety of communities, and we’re honored that White Oak Capital has put their confidence in us as a partner. We’re committed to continuing our management expansion in the Florida region and beyond.”
Completed in 2019, 930 Central Flats is a six-story, mid-rise community originally developed by The Bainbridge Companies. Abington Properties, a NYC-based family owned and operated real estate management and Development Company provided the equity for the development. It consists of studio, one- and two-bedroom apartments offering contemporary chef-inspired kitchens, quartz countertops, stainless steel sinks and appliances, oversized closets and a private patio or balcony. Community amenities include a two-story fitness center with yoga studio, a South Beach-style pool and sun decks, outdoor fireside lounge and dining area, dog spa and grooming facilities, as well as a juice bar lounge. The property reached 95 percent occupancy in February 2020.
Located at 930 Central Avenue, 930 Central Flats is in the heart of St. Petersburg’s entertainment district. Ample up-scale shopping and dining options are all within a short walk, as are world-class beaches.
