22 Mar FL Luxury Asset Commands $108M
The Hermitage Apartment Homes
Brass Enterprises has acquired The Hermitage Apartment Homes, a 348-unit Class A community in St. Petersburg, Fla., for $107.6 million. The seller was the Allen Morris Co. of Coral Gables, Fla.
Completed in spring 2017, the $73 million LEED-certified Hermitage Apartment Homes marked the Allen Co.’s 81st development project.
“We are very excited about the acquisition of a premier asset in one of the nation’s strongest and fastest-growing markets,” Yisroel Weiser, Brass Enterprises’ vice president, said in a prepared statement. “The Hermitage is future-proof, boasting an unrivaled location in the heart of Downtown St. Petersburg’s Art District, high quality construction and state-of-the-art, resort-style amenities.”
Walker & Dunlop Inc. arranged the sale on the eight-story building and also secured $65.2 million in financing for the community. The firm’s Capital Markets team of Alison Williams and Matt Baldwin represented Brass Enterprises in the debt financing and arranged a seven-year loan with Freddie Mac, which included full-term interest-only payments and an attractive interest rate. Meanwhile, Brian Moulder and Chris Chadbourne of Walker & Dunlop’s Investment Sales represented the seller in the deal.
“We have had the privilege of working with Brass Enterprises for the past seven years and this acquisition fits perfectly into its portfolio of luxury apartments in thriving submarkets,” Williams said in prepared remarks. “The project’s construction, luxury amenities and exceptional walkability make it the preeminent community for residents of all ages.”
Located at 151 7th St. S., in one of Tampa Bay’s most popular submarkets, The Hermitage Apartment Homes offers studio, one- and two-bedroom units and boast top finishes, furnishings and fixtures. Amenities include a rooftop pool and spa, a state-of-the-art fitness center, outdoor kitchen, library and demonstration kitchen. There’s also a courtyard oasis that contains a large outdoor fireplace. Additionally, the property features electric car charging stations and an eight-floor gated resident parking garage.
The area is home to numerous higher-education, marine science, healthcare and business incubation companies, including Johns Hopkins All Children’s Hospital, Bayfront Health, and the University of South Florida, St. Petersburg.
The property is directly across the street from the new Publix and offers convenient walkability to office buildings, restaurants, entertainment, museums and abundant green space in the area. The latter includes a seven-mile section of picturesque, manicured parks.
Image courtesy of Walker & Dunlop