Austin company buys St. Pete apartment complex for $37M

An Austin real estate investment firm has bought the 51-year-old Gateway on 4th Apartments in St. Petersburg.

The buyer is ResProp Management and it paid $37.03 million, according to Pinellas County records. It was previously owned by a South Florida investor that paid $32.88 million in 2017.

The 304-unit community on 501 116th Ave. N. was built in 1974 and is made up of 32 buildings on 15 acres. It has one-, two- and three-bedroom apartments units from 618 square feet to 1,498 square feet.

ResProp plans to renovate the property adding washers and dryers to units, installing new appliances and replacing floors and fixtures as needed.

The sale was announced by Berkadia, which arranged a $33 million acquisition loan for ResProp. The five-year fixed-rate loan, with the first three years interest only, is backed by Freddie Mac.

ResProp was founded in 2010. According to its website, it owns and operates more than 20,000 units across more than 100 apartment communities. It has $2 billion in assets.

Those properties are in Texas, Tennessee, Florida, North Carolina and South Carolina. In Florida, it owns 34 including several along the Gulf Coast — in Sarasota, Bradenton, St. Petersburg, Naples and Venice.

Berkadia’s Brad Williamson, Wes Moczul, Mitch Sinberg, Scott Wadler and Matt Robbins arranged the financing.