Two properties sell for $78M

AREA Property Partners acquired Promenade at Carillon in St. Petersburg and Sabal Palm at Boot Ranch in Palm Harbor from an undisclosed seller for $78 million. The multifamily rental properties contain 766 units.

"We feel that Promenade and Sabal Palm have strong upside potential. They are both high quality rental properties in excellent locations,” said Steven Wolf, a partner with AREA.

The 334 units at Promenade contain between one and three bedrooms, with areas as small as 670 square feet and as large as 1,300. The complex offers amenities such including a swimming pool, playground, and fitness center and spa.