Robbins Property Associates, LEM Capital buy Gateway on 4th

By Business Observer Staff
| 7:11 a.m. April 11, 2013
| 0 Free Articles Remaining!

Commercial Real Estate

BUYER: Gateway on 4th Apartments LLC, Newton, Mass.
SELLER: Rislake LLC
PROPERTY: 501 116th Ave. N., St. Petersburg
PRICE: $18.3 million
PREVIOUS PRICE: $7 million
LAW FIRM ON DEED: Patzik, Frank & Samotny Ltd., Chicago

PLANS, DESCRIPTION: A joint venture of Philadelphia-based private-equity management firm LEM Capital and Tampa-based apartment management company Robbins Property Associates LLC purchased the Gateway on 4th apartment development for $18.3 million.

The price equated to $60,197 per unit.