Downtown St. Pete apartment complex 930 Central Flats sells for $81 million

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olympus property has acquired 930 central flats, a 218-unit luxury apartment community in St. Pete | 930 central flats

930 Central Flats, a luxury six-story 218-unit apartment community in Downtown St. Pete’s EDGE District, has a new owner.

Fort Worth, Texas-based residential real estate management group Olympus Property, which owns multiple apartment complexes across Florida, has acquired the apartment building at 930 Central Avenue for $81 million, according to a deed published on October 28th.

The group purchased the complex from White Oak Partners, which bought the property in 2020 for $64 million.

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930 central flats opened to residents in 2019 | 930 central flats

Olympus Property took out a roughly $15.1 million loan from Berkeley Point Capital LLC for the purchase. There is likely additional debt on the transaction that hasn’t been filed yet with the Pinellas County Clerk’s office.

The purchase price works out to over $371,000 per unit.

930 Central Flats, developed by Bainbridge Companies, was announced for the EDGE District in September 2016 and opened in early 2019.

With five floors of apartments and ground-floor retail, the news was big for the neighborhood at the time, promising to fill in a surface parking lot and add density to an area that needed residents to help support the local businesses in the area.

“The acquisition of 930 Central Flats is a significant milestone in expanding Olympus Property's presence in one of Florida's most dynamic urban markets," Chase Bennett, Chief Acquisitions Officer at Olympus Property, said in a news release.

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the apartment complex has a wealth of residential amenities | 930 central flats

The company currently owns and manages multifamily properties in 16 states and boasts a portfolio valued at over $8.4 billion.

With the new acquisition, Olympus Portfolio now owns and manages over 5,500 units across locally owned and managed properties.

"The property's unmatched location and upscale amenities align seamlessly with our long-term investment approach. Its proximity to Olympus Harbour Island [Olympus’ luxury apartment complex in Tampa], another key asset in our portfolio, further strengthens our presence in the Tampa Bay area. We are excited to add 930 Central Flats to our portfolio and continue delivering the exceptional living experiences our residents have come to expect."

930 Central Flats’ studio, one-, and two-bedroom residences range from 587 to 1,294 square feet and feature digital locks, hardwood-style flooring, quartz countertops, and private patios or balconies.

The high-end residential amenities include a two-story fitness center with a private yoga studio, a rooftop terrace with sweeping city views, and a South Beach-style pool and fire pit.

There's also a dog spa, a co-working space, and a clubhouse.

Blo: Blow Dry Bar, a salon specializing in washing, blow drying, and hair styling, is an active tenant on the ground floor. Qargo Coffee, a small but quickly growing coffee company that’s headquartered in Miami, is planning to open a café at 924 Central Avenue in the apartment complex.