Garden-style apartments in south St. Pete sell for $49.54M
By Breanne Williams
Tampa Bay Business Journal
Published: Sep 7, 2022

The Park at Treviso, a 304-unit garden-style apartment complex in St. Petersburg, has been sold to a Dallas investment firm for approximately $49.54 million.

Lakeland-based Blue Roc Premier sold the south St. Pete apartments to Lurin, according to a Pinellas County deed filed on Aug. 31. The property was built in 1972, and the sale price breaks down to approximately $76,067 a unit. JBM Institutional Multifamily Advisors brokered the sale.

Units average 1,038 square feet. The amenities include three resort-style pools, a fitness center with an attached children’s playroom, picnic areas, a clubhouse, business center and multiple on-site laundry facilities.

JBM Institutional Multifamily Advisors brokered the sale. The units, JBM said, are “primed for additional value-add renovations.” Lurin specializes in value-add deals, in which investors buy a property, invest in renovations and raise rents.

Lurin has taken a keen interest in Tampa Bay. In June, the company purchased Cove on the Bay, a 689-unit apartment complex on Westshore Boulevard, for more than $132 million. In October 2021, it acquired a 10-acre property with 431 units in St. Pete’s historic Kenwood neighborhood for $125 million.