Hines Co. has sold off Azure, a 308-unit apartment complex in St. Petersburg’s Gateway area, for $54 million.
Passco Companies LLC, based in Irvine, Calif., said Friday it had acquired the property, which wrapped up construction in 2014, for $175,324 per apartment. It is 94 percent occupied, according to Passco.
The complex broke ground in early 2013, after Houston-based Hines paid $6.3 million for the Azure site. It was one of four new developments in the works in the Gateway area planned at the… …read more