29th Street Capital Acquires the 261-Unit, Value-Add Community
ST. PETERSBURG, FL, February 14, 2019 — Cushman & Wakefield has negotiated the sale of Calais Park Lofts Apartments, a 261-unit multifamily community in Pinellas County.
Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Florida Multifamily Group represented Toronto-based Venterra in the disposition. San Francisco- and Chicago-based 29th Street Capital acquired the property.
Calais Park is a 38-building, 317,376-square-foot community developed in 2003 on a ±17.6-acre site at 5800 Calais Lane in St. Petersburg. The two-story, garden-style property features a unique “Big House” design with one-, two- and three-bedroom floor plans with an average size of 1,216 square feet and an average market rent of $1,588 ($1.31 per square foot). The asset was 98% leased at the time of sale.
Venterra completed a $1.5 million capital improvement during its ownership period that added upgraded appliances, new goose-neck plumbing fixtures, resurfaced birch kitchen cabinets, new ceiling fans, new lighting fixtures, new 2” blinds and vinyl plank flooring. Select units were also outfitted with new cabinet doors and upgraded laminate countertops.
These upgrades complement an existing unit feature set that includes full-size washer and dryers, private entries and walk-in closets throughout the property. Select units offer lake views, pool views, open loft space, garages and/or vaulted ceilings.
“The average unit size at Calais Park is the largest in the submarket and among the largest in Pinellas County, giving the property a significant competitive advantage,” said Elorza. “The community provides 29th Street Capital with a value-add opportunity given the potential to expand on the current renovation program and reposition the property.”
Community amenities at Calais Park include a resort-inspired swimming pool and spa, 24-hour fitness center, business center, dog park, controlled-access clubhouse, covered picnic areas and poolside grilling area.
Calais Park’s central location in Pinellas County provides residents with excellent access to the area’s top employment markets. With convenient access to Interstate 275 and Gandy Boulevard, residents benefit from shortened travel times to the Gateway office submarket, Downtown St. Petersburg, Downtown Tampa, Westshore Business District and MacDill Air Force Base.
Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Mulkern, Nick Meoli and Mike Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; Julie Bohn in Jacksonville; and 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 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 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.