Buy & Hold (Multifamily): (330 Units) Class A Luxury Apts, St. Petersburg, FL 33705 + $135M

Promise Land Realty
3 days ago
2 min read

Updated: 2 days ago

Multifamily Family Investment Opportunity

Price

$135,000,000

OFF MARKET | 330-Unit Class-A Eco-Luxury Multifamily

825 32nd Ave S | St. Petersburg, FL 33705

Presenting an institutional-quality, newly constructed (2024) 330-unit eco-luxury multifamily community located in one of St. Petersburg’s fastest-growing emerging corridors.

This is a rare opportunity to acquire a stabilized, environmentally conscious Class-A asset with immediate rent mark-to-market upside in a submarket surrounded by over $1B in new development.

Financials: https://drive.google.com/drive/folders/1ssQ8hLgOsBfdg4qYMF5N3aa9T0HAzEUT

Asset Overview

• 330 Units | Built 2024

• 71 Affordable Units (80% / 120% AMI)

• Current Occupancy: 82%

• Average In-Place Rent: $2,075/month ($2.26 PSF)

• Market Rent: $2,431/month ($2.60 PSF)

Pricing

$135,000,000 + 3% Consultant Fee

All-Cash Transaction

Investment Highlights

Immediate Rent Upside

In-place rents remain meaningfully below market, providing clear mark-to-market opportunity as lease trade-outs continue.

• Year 1 Pro Forma NOI: $6.56M• Year 5 Projected NOI: $8.5M

Strategic rent growth combined with tax-optimized structuring offers compelling value creation over the hold period.

Class-A Eco-Luxury Features

Designed for modern renters seeking sustainability and sophistication:

• Chef-style kitchens• Walk-in closets• Smart home technology• Private balconies• Garages• Solar-powered clubhouse• EV charging infrastructure

This asset aligns well with ESG-focused capital and long-term demand trends toward energy-efficient living.

Location Advantage

Minutes from Downtown St. Petersburg, major employment centers, and Gulf Coast beaches. Positioned in a rapidly evolving corridor benefiting from over $1B in surrounding development, supporting sustained rent growth and strong exit liquidity.

Summary

A newly delivered 330-unit eco-luxury community with lease-up momentum, embedded rent growth, and institutional appeal in a high-demand Florida coastal market.

Serious inquiries only. Financials and due diligence materials available upon execution of NDA and proof of funds.

Property Map

Schedule Walkthrough Upon Request

Submit all offers directly to: investments@promiselandrealtyllc.com

Serious inquiries only. Proof of funds required prior to walkthrough or financial release.

All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. Realtors add your fee on top.

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