Lake Maggiore Multi-Family

825 32nd Avenue South, St. Petersburg, FL, 33712, US

Asset Description

JLL is pleased to present the unique opportunity to acquire Lake Maggiore Apartments. This exceptional concrete block 3 & 4 story garden style community is conveniently situated minutes from Downtown St. Petersburg, providing residents immediate access to employment, retail, and nightlife entertainment. Built in 2024, the property features 330 luxury apartment units, averaging 926 square feet.

Lake Maggiore Apartments is the only newly built garden style community within 3 miles from Downtown St. Petersburg, positioning the asset for strong demand at a meaningful discount to Downtown apartment living. The Property offers an array of amenities, including a swimming pool, lakefront views, state of the art fitness center, and a net zero clubhouse, earning it Two Green Globes Certifications.

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Attributes

Number of units

330

Year built

2024

Land area gross

4.45 ha

Media

Investment Highlights

ECO-CONSCIOUS AND DISTINCTIVELY SUSTAINABLE DESIGN: Featuring an array of eco-friendly innovations such as a net-zero clubhouse, water conservation measures, energy-efficient residences, electric vehicle charging facilities, and a shared garden space, the property is primed for both operational cost reductions and substantial growth potential.

SIGNIFICANT MARK-TO-MARKET POTENTIAL: Remarkable growth opportunity for second-generation leases as current asking rents represent a $486 discount to market comparables. This tremendous opportunity is proven out through the property's lease tradeout history, boasting a 5.27% increase on new leases and a 6.01% on renewals.

TWO GREEN GLOBES CERTIFIED: As of 2024, Lake Maggiore has achieved a Two Green Globes certification. This eco-friendly recognition opens up possibilities for potential buyers to secure advantageous green financing. Such financing options could offer benefits like reduced interest rates, increased proceeds, and more favorable debt service coverage ratios for the purchaser.

LIMITED SUPPLY PIPELINE: With only one new project on the horizon in South St. Petersburg and existing undersupply, Lake Maggiore commands a competitive advantage in a market poised for growth.