St. Pete, Clearwater apartments sell for eight figures
By Henry Queen
Tampa Bay Business Journal
Published: Jul 22, 2024

An apartment complex across the street from St. Petersburg’s Tyrone Square Mall has sold to a Maryland investment firm for $61.6 million.

Excelsa purchased the 477-unit Drake at St. Pete, according to a Pinellas County deed filed July 18. The sales price equates to $129,140 per unit and is $6.3 million more than the most recent sales price in December 2020.

This year’s seller was Brandywine Multifamily LLC, controlled by Nashville-based Covenant Capital Group.

The Drake, built in the early 1970s, is one of the largest apartment complexes in west St. Pete. It was previously called Brandywine Apartments.

Across from The Drake on 22nd Avenue sits the Tyrone Square Mall, which includes tenants such as Aldi, JC Penney, Macy’s, Dick’s Sporting Goods and several restaurants. Raising Cane’s plans to open its first St. Pete location there in 2025. Other retailers in the immediate vicinity include Publix Super Markets Inc., Home Depot, TJ Maxx, HomeGoods and Michael’s.

Clearwater complex east of U.S. 19 sells at a loss

The Enclave at Northwood in Clearwater has traded hands for $28.3 million, or $150,500 per unit.

According to a deed filed July 19, a tenant-in-common investor group sold the property to another group led by Peninsula at Northwood LLC, which is linked to New Jersey-based Sela Realty Investments.

The new investor group took out a mortgage of $31.5 million from Raymond James Bank to finance the purchase, according to property records.

The Enclave was built in the mid-1980s and most recently sold for $39 million in 2021. The property encompasses two addresses — 2692 Enterprise Road East and 2775 Enterprise Road East — located across the street from each other. In total, the complex has 188 units ranging from one to three bedrooms.

Surrounding the complex is a 20-acre dog park owned by the city of Clearwater.