In $80M deal, Houston developer buys St. Petersburg apartments at a discount

The Dinerstein Cos., a Houston real estate firm, has bought a 298-unit St. Petersburg apartment community, paying nearly $11 million less than it sold for five years ago.

The property is Axio at Carillon at 250 Carillon Parkway, off of Interstate 275 and Ulmerton Road.

Dinerstein paid $79.19 million for the community, according to Pinellas County records. That’s a 12.83% price drop from the $90.85 million the seller, New York-based Sentinel Real Estate Corp., paid during the multifamily boom in 2021.

Axio, which was completed in 2020, is a five-story, 312,936-square-foot multifamily building with studio, one- and two-bedroom units. It sits on 2.57 acres and has a six-story parking garage with 513 spaces.

While the community’s website didn’t show prices for all of its units Thursday, monthly rents ranged from $1,752 for a 586-square-foot studio to $2,583 for a 1,080-square-foot two-bedroom.

Dinerstein specializes in development, construction and property management.

According to its website, it has completed more than 80,000 multifamily apartments and 50,000 student housing beds in 26 states. It has $3.78 billion in apartment assets under management.

This story first appeared in CRE Central, the Business Observer's weekly commercial real estate newsletter.