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| Azure Luxury Apartments, 540 Trinity Lane, St. Petersburg, FL |
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| Gary Goodman |
TAMPA BAY, FL. (March
6, 2015) – Passco Companies, LLC has acquired the recently completed Azure
Luxury Apartments, a 308-unit, Class A, luxury multifamily community in the
City of St. Petersburg within the Tampa Bay region of Florida, for $54 million,
according to Gary Goodman, Senior
Vice President Acquisitions of Passco Companies LLC.
“Azure is located in one of the fastest growing job markets
in the country. The St. Petersburg
region has added over 65,000 jobs in the past 18 months alone,” explained Goodman.
“With several planned office building developments underway
in the region, demand for quality housing will continue to rise, especially
among the area’s increasing population of professionals.
“These factors, combined with the community’s high-end finishes
and amenities, will contribute to Azure’s strong future as a profitable
acquisition for Passco’s investors.”
In addition to increased job growth, Goodman also notes that
there has been a lack of multifamily development in the area in recent years,
as well as high barriers to entry for new developments.
“St. Petersburg’s current multifamily inventory averages 20
years in age, and there are simply no other development sites remaining in the
immediate area that would accommodate a garden-style multifamily community like
Azure,” he explained.
“This lack of supply has created substantial pent-up demand
for quality housing, which was demonstrated during Azure’s rapid lease-up. The
property is already 94 percent leased after being completed only one year ago.”
For a complete copy of the company’s news
release, please contact:
Corynne Randel / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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