TA Associates Realty buys Promenade at Carillon

BUYER: The Realty Associates Fund X LP, Boston
SELLER: AP Promenade LLC
PROPERTY: 540 Carillon Parkway, St. Petersburg
PRICE: $45.8 million
PREVIOUS PRICE: $34.15 million, December 2010

PLANS, DESCRIPTION: Boston-based TA Associates Realty purchased the 334-unit Promenade at Carillon in St. Petersburg for $45.8 million.

The price equated to $145,210 per unit. That figure is higher than the current average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

Located in the Carillon Park area, the apartment development features a mixture of one-, two- and three-bedroom units. Its community amenities include a saltwater swimming pool, outdoor kitchen, pool lounge area, fitness center and garage parking. The wood frame community was 9% vacant as of the CoStar Group's last review in January, and its units average 969 square feet.

Promenade at Carillon was built in 1994 and occupies a 9.17-acre parcel.

Byron Moger and Luis Elorza of Cushman & Wakefield represented the seller, New York City-based AREA Property Partners.

“Promenade at Carillon just completed a dramatic upgrade program on all unit interiors as well as significant improvements to the overall property especially the club house,” Elorza says in a press release. “The property is extremely well positioned to benefit from its A+ location and a very healthy rental market in 2014.”

Created in 1982, TA Associates Realty is one of the largest privately held real estate advisers in the United States. It manages 91 million square feet of commercial real estate and 12,300 residential units in 35 markets nationwide, according its website.