Casey Cummings Of Ram Realty Advisors Acquires Beacon 430 Multifamily Property In St. Petersburg For $131M

Ram Realty Advisors acquired a 327-unit multifamily property located at 430 3rd Avenue South in St. Petersburg for $131,000,000. The asset, named Beacon 430, encompasses 4.3 acres and was constructed in 2014, boasting a 96% occupancy rate. The price per unit amounts to $400,612, reflecting current market trends in the Sun Belt region.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $131,000,000
• Buyer: Casey Cummings - Ram Realty Advisors
• Seller: John Blanchard - Ascent Residential
• Broker: Walker & Dunlop
• Lender: Wells Fargo
• Units: 327
• PPU: $400,612
• Cap Rate: 4.8%
• Loan Amount: $88.3M

This transaction involved Casey Cummings representing Ram Realty Advisors as the buyer, with John Blanchard as the seller representing Ascent Residential. Walker & Dunlop acted as the broker facilitating the deal, while financing was secured through Wells Fargo, underscoring the ongoing demand for stabilized multifamily properties in the Sun Belt market.