CBRE ARRANGES SALE OF 329-UNIT GATEWAY LAKES IN PINELLAS PARK
Tampa, FL – January 15, 2021 –
CBRE has arranged the sale of Gateway Lakes (FKA Plantation Gardens), a 329-unit, multifamily property located at 5501 100th Avenue North in Pinellas Park, FL. St. Regis Properties sold the asset to TruAmerica Multifamily for an undisclosed sales price in a transaction that closed on January 14, 2021.
CBRE’s Francesco Carriera and Michael Regan represented both the buyer and seller in the transaction.
“Investor interest in the Tampa Bay area has remained strong due to the area’s affordability, strong net migration numbers, and its low exposure to industries most affected by the COVID-19 pandemic,” said Mr. Carriera, Executive Vice President at CBRE. “Gateway Lakes is pinned between two major submarkets, Clearwater/Largo and St. Petersburg, each growing in both directions. It’s located in one of the highest barrier-to-entry counties in the state. Central Pinellas is projected to have 3.69 percent rent growth over the next 24 months according to Axio Metrics.”
According to CBRE’s 2021 U.S. Multifamily Real Estate Market Outlook report, lower density and less expensive suburban submarkets held up remarkably well in 2020 and are positioned to lead overall market performance in 2021. Investor demand for multifamily assets this year was more than previous recessions would have indicated.
Gateway Lakes consists of 21 buildings and is located in the high-growth area of Pinellas Park. It has large floor plans, beautiful lake views, private patios, and many amenities, including a fitness center, heated spa, pool, tennis court, playground, dog park, and a newly remodeled fitness center. The gated community is in close proximity to the Gateway Business District, St. Petersburg/Clearwater International Airport, and downtown Clearwater and St. Petersburg.
Contact Information
Francesco Carriera [email protected] - 813-868-8030
Michael Regan [email protected] - 813-868-8040