Robbins Property Associates, LEM Capital buy Gateway on 4th

BUYER: Gateway on 4th Apartments LLC, Newton, Mass.
SELLER: Rislake LLC
PROPERTY: 501 116th Ave. N., St. Petersburg
PRICE: $18.3 million
PREVIOUS PRICE: $7 million
LAW FIRM ON DEED: Patzik, Frank & Samotny Ltd., Chicago

PLANS, DESCRIPTION: A joint venture of Philadelphia-based private-equity management firm LEM Capital and Tampa-based apartment management company Robbins Property Associates LLC purchased the Gateway on 4th apartment development for $18.3 million.

The price equated to $60,197 per unit.

Built in 1975, the apartment complex, which was previously called Lakeside Village, has 304 units. The gated development features a mixture of one-, two- and three-bedroom units. The community, which has 33 buildings, occupies a 15.11-acre site. Its amenities include two swimming pools, four laundry centers, a clubhouse and fitness center.

The CoStar Group reports that the 239,124-square-foot garden-style apartment complex has an average unit size of 786 square feet.

Founded in 2002, LEM Capital manages a series of private-equity funds with more than $500 million of capital under management. Robbins Property Associates manage a total of 15 apartment properties with nearly 4,000 units.

The purchase entity Gateway on 4th Apartments LLC mortgaged the property to CapitalSource Bank for $13.73 million.