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78th Avenue Apartment Homes LLC Acquires Rio Vista Village Apartments From Shawn Wilson For $31.35M

Property Image
SOLD
$31,350,000
Avery Jordan
Zachary (Zach) Ames

Florida

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MultiFamily186,000 SF
Sold 08/08/2025
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Property Image
SOLD

78th Avenue Apartment Homes LLC Acquires Rio Vista Village Apartments From Shawn Wilson For $31.35M

200 78th Avenue North

See Similar Deals
MultiFamily186,000 SF
Sold 08/08/2025
Avery Jordan
Zachary (Zach) Ames
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$168
Total Square Footage:186,000 SF
Transaction Type:Sale

The multifamily asset located at 200 78th Avenue North in St. Petersburg encompasses a total of 186,000 square feet on 14.69 acres. The property was sold for $31,350,000, with the buyer being 78th Avenue Apartment Homes LLC and the seller as Shawn Wilson of Blue Sky Communities. The complex includes 248 units of the Rio Vista Village Apartments, marking its first sale since construction in 1974.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $31,350,000
  • Square Footage: 186,000
  • Price Per Square Foot: $169
  • Address: 200 78th Avenue North
  • Market: St. Petersburg
  • Acres: 14.69
  • Buyer: 78th Avenue Apartment Homes LLC
  • Seller: Shawn Wilson - Blue Sky Communities
  • Brokers: Avery Jordan & Zach Ames - Franklin Street

Franklin Street represented both sides in the transaction, facilitating the sale between the buyer and seller. The deal indicates plans for future upgrades to the complex, which is set on a substantial parcel of land in the St. Petersburg market.

Players

Zachary (Zach) Ames
Franklin Street
Zachary Ames
10 deals$316.1M volume
BROKER
Avery Jordan
Franklin Street
Avery Jordan
11 deals$283.7M volume
BROKER

Details

SOLD
IMAGE: Zach Ames, Shawn Wilson & Avery Jordan DATE: 08/08/2025 ADDRESS: 200 78th Avenue North MARKET: St. Petersburg ASSET TYPE: Multifamily ~ ACRES: 14.69 BUYER: 78th Avenue Apartment Homes LLC SELLER: Shawn Wilson - Blue Sky Communities BROKERS: Avery Jordan & Zach Ames (@ZAmes0512) - Franklin Street (@FranklinStreet.CRE) SALE PRICE: $31,350,000 SF: 186,000 ~ PPSF: $169 NOTE: 78th Avenue Apartment Homes LLC bought the 248-unit Rio Vista Village Apartments in St. Petersburg for $31.35M from entities tied to Blue Sky Communities, marking the property’s first sale since its 1974 construction. The 186,000-SF complex on 14.69 acres will undergo upgrades, with Franklin Street representing both sides in the deal

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,672,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$111,379.92
Cash-on-Cash Return-1.27%
Monthly Debt Service$148,614.99
Annual Debt Service$1,783,379.93