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Gregory Bates Of GID Acquires Windsor Central Arts Multifamily In St. Petersburg For $104.5M

Property Image
SOLD
$104,500,000

Florida

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MultiFamily
Sold 05/30/2025
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Property Image
SOLD

Gregory Bates Of GID Acquires Windsor Central Arts Multifamily In St. Petersburg For $104.5M

151 7th Street South

See Similar Deals
MultiFamily
Sold 05/30/2025
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The multifamily asset located at 151 7th Street South in the St. Petersburg market was sold for $104,500,000. This 348-unit complex has been renamed Windsor Central Arts and features amenities such as a rooftop pool, gym, and ground-floor retail. The buyer in this transaction is GID, while the seller is Brass Enterprises. A loan of $75.3 million was secured from Walker & Dunlop to facilitate the purchase.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $104,500,000
  • Buyer: Gregory Bates - GID
  • Seller: Ephry Merkur - Brass Enterprises
  • Lender: Walker & Dunlop
  • Units: 348
  • Price Per Unit: $300,287

This transaction was represented by Gregory Bates for GID and Ephry Merkur for Brass Enterprises. The deal closed on May 30, 2025, marking a significant event in the local real estate market.

Players

Gregory Bates
Gregory Bates
8 deals$534.4M volume
BUYER
Walker & Dunlop
Walker & Dunlop
LENDER

Details

SOLD
IMAGE: Gregory Bates & Ephry Merkur DATE: 05/30/2025 ADDRESS: 151 7th Street South MARKET: St. Petersburg ASSET TYPE: Multifamily BUYER: Gregory Bates - GID (@GIDInvestmentAdv) SELLER: Ephry Merkur - Brass Enterprises LENDER: Walker & Dunlop (@WalkerDunlop) SALE PRICE: $104,500,000 UNITS: 348 ~ PPU: $300,287 NOTE: GID bought The Hermitage Apartment Homes in downtown St. Petersburg for $104.5M and secured a $75.3M loan from Walker & Dunlop. The 348-unit complex, now renamed Windsor Central Arts, was previously owned by Brass Enterprises and features amenities like a rooftop pool, gym, and ground-floor retail.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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