Southwest Properties Ltd. purchased 75 of the 112 units in The Sage condominium complex for $10.75 million.
BUYER: Bayshore Investors LLC, Tampa
SELLER: Bank of America NA
PROPERTY: 400 4th Ave. S., units 103, 105, 106, 107, 108, 201, 205, 302, 304, 306, 401, 403, 404, 405, 408, 501, 502, 505, 507, 509, 601, and various other units, St. Petersburg
PRICE: $10.75 million
LAW FIRM ON DEED: Stuneburnder Berry Glocker Purcell & Greenhut PA, Jacksonville
PLANS, DESCRIPTION: Southwest Properties Ltd. purchased 75 of the 112 units in The Sage condominium complex for $10.75 million.
The price equated to $143,333 per unit.
Halifax, Nova Scotia-based Southwest Properties plans to rent the units for the next two to five years, or at least until the residential market for condos improves. The condo complex is at the corner of Fourth Street and Fourth Avenue.
The company was attracted to the building's quality construction, its location in downtown St. Petersburg and unit sizes, according to Southwest Properties President Gordon Laing.
“The price was also a significant factor,” he says. “While we are not looking to make a lot of money on the rental side, the units need to be able to carry themselves.”