Garden-style apartments in St. Pete's Gateway area sold to California investors
By Breanne Williams
Tampa Bay Business Journal
Published: Mar 14, 2023

Aura at 4th, a garden-style apartment complex in St. Petersburg’s Gateway business district, has been sold to California-based TRIG Investment Group.

A purchase price was not disclosed, and a deed for the transaction has not yet been filed. The five-building complex was built in 2016 and has 150 units. Tampa-based investment firm McCann Investments was the seller.

Northmarq’s Tampa investment sales team — managing director Luis Elorza, associate vice president Justin Hofford and associate Kevin Mosher — arranged the sale, according to a release.

“Aura's central location and access to high-paying employers, coupled with the opportunity for additional revenue generating improvements were very attractive to the buyer," Elorza said in a release. "With its strong locational attributes and overall desirability, the buyer purchased an incredible asset in a highly desirable location.”

The complex, located at 10980 Oak St. NE, has a mix of one-and-two-bedroom units and the average apartment size is 1,087 square feet. Amenities include a pool, fitness center, clubhouse, outdoor covered lounge, grilling and picnic areas, a dog park and a cyber café.

The property is in the heart of the Gateway Business District, which is home to some of the top employers in Tampa Bay, including Raymond James Financial and Jabil. The complex is less than a mile from the Historic Derby Lane St. Petersburg and is approximately 12 minutes from downtown St. Pete and 20 minutes from downtown Tampa.

"With population growth in the state of Florida outpacing the entire country and expected to grow by more than 40% by 2030, the area will continue to see strong fundamentals in multifamily,” Hofford said in a release. "Well-located infill locations like Aura at 4th, will continue to be a solid investment for the foreseeable future."