Lake Maggiore Multi-Family

836 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 proximity to Downtown St. Petersburg, positioning the asset for strong demand at a meaningful discount to Downtown comps. The Property offers a variety of amenities, including a swimming pool, lakefront view, state of the art fitness center, and a net zero clubhouse, earning it a Green Globes Certification.

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Attributes

Number of units

330

Year built

2026

Land area gross

1.52 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.

REFINED AMENITY SET:

Including a resort-style pool, 24/7 fitness center, community garden, clubhouse, pet facilities, and gated security.

NON-EXISTENT SUPPLY PIPELINE:

With no new projects on the horizon in South St. Petersburg and existing undersupply, Lake Maggiore commands a competitive advantage in a market poised for growth.