Investor buys St. Petersburg apartments

Ram Realty Advisors, a Palm Beach Gardens real estate investment firm, has bought a St. Petersburg apartment community and plans to make upgrades.

The property is Beacon 430, a 327-unit complex in the city’s downtown.

Terms of the sale were not disclosed, and city property records have not been updated. The seller, an Alabama LLC, paid $24.84 million for it in 2019.

Beacon 430 is at 430 3rd St. S. and was built in 2014.

The four-story building sits on 4.3 acres and spans two blocks. Units range from a 643-square-foot one-bedroom, one-bath unit to a 1,360-square-foot three-bedroom, two-bath unit. (Rent prices were not available on the community’s website Tuesday.)

According Ram Realty the community “provides a low-rise residential alternative with extensive outdoor amenities in a submarket where limited site availability and rising land costs increasingly favor high-rise development.”

The firm says in a statement that it plans to make improvements to common areas and amenities as well as some upgrades to the interior of units.

Ram Realty specializes in multifamily, grocery-anchored retail, and mixed-use properties in the Southeast.

Locally, earlier this year it was brought in as an investor by the developer of Midtown Tampa to ensure the retail component of the 23-acre mixed use project continued to evolve.