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.