Pair of Tampa-area apartments sell for $230 million

A pair of apartment developments in suburban Tampa and downtown St. Petersburg — one old and the other newly completed — have traded for a combined $230.6 million, a sign that out-of-town investors remain enthusiastic about the Gulf Coast rental market.

In the larger of the two transactions, an affiliate of New York-based NorthEnd Equities acquired the 982-unit Reserve at Brandon apartments — formerly the Park at Siena apartments — for $123 million.