Robbins Property Associates buys Isles of Gateway

BUYER: Isles of Gateway LLC (Isles of Gateway Partners LLC), Newtown, Mass.

SELLER: CAPREIT Gateway Limited Partnership

PROPERTY: 10600 Fourth St. N., St. Petersburg

PRICE: $16.82 million.

PREVIOUS PRICE: $10.25 million, October 2001

TITLE FIRM ON DEED: Warranty Title Solutions LLC, Fort Myers

PLANS, DESCRIPTION: Newton, Mass.-based Robbins Property Associates purchased the 212-unit Isles of Gateway apartment complex for $16.82 million.

The price equated to $79,340 per unit.

Prior to the sale, 92 units in the center were renovated. The buyer plans to continue the interior renovations.

Built in 1987, the 173,820-square-foot gated community occupies an 18-acre site. Amenities include a clubhouse with fitness center, pool, tennis and basketball courts, playground and dog park.

The Isles of Gateway was 95% occupied at the time of the sale.

CBRE's Multi-Housing Group in Tampa, led by John Selby and Jim Bobbitt, represented the seller CAPREIT.

“Isles of Gateway garnered significant interest from the investment community,” says Bobbitt. “The property is in a desirable submarket that has above-average rent statistics and is in excellent condition. The buyer benefits from the stabilized operating history and the upside potential associated with completion of the interior renovation program previously initiated by the seller.”

Robbins Property Associate is an investment company that owns 15 apartment communities, including Legend Oaks in Tampa, Nautica and Shady Oaks of St. Petersburg and Summer Palms of Riverview.