Downtown St. Pete apartments sold for $84.5M

A downtown St. Petersburg apartment development has been sold for $84.5 million.

Alabama-based B&M Management paid $259,202 per apartment for Beacon 430, which is at 430 Third Ave. South, in a deal that closed Thursday.

Beacon is a four-story building, wrapped around a five-story parking garage. The amenity package includes a pool, 3,000-square-foot fitness center, yoga studio and outdoor kitchen.

JBM Multifamily Institutional Advisors of Tampa represented the seller, NRP Group, in the transaction.… …read more