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James O. Buckingham Of TA Realty Acquires Madison Gateway Apartments From Stephen M. Spaeder For $97M

Property Image
SOLD
$97,000,000

Florida

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MultiFamily
Sold 10/17/2025
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Property Image
SOLD

James O. Buckingham Of TA Realty Acquires Madison Gateway Apartments From Stephen M. Spaeder For $97M

500 Trinity Lane

See Similar Deals
MultiFamily
Sold 10/17/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The multifamily property at 500 Trinity Lane North, located in St. Petersburg, features 314 units and spans 14.35 acres. The transaction was finalized on 10/17/2025, with a sale price of $97 million, translating to $308,917 per unit. This property was constructed in 1997 and underwent renovations in 2012 and 2019, and includes amenities such as a pool, gym, and dog park.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $97,000,000
  • Units: 314
  • PPU: $308,917
  • Buyer: James O. Buckingham - TA Realty
  • Seller: Stephen M. Spaeder - Equus Capital Partners
  • Market: St. Petersburg
  • Acreage: 14.35

James O. Buckingham represented TA Realty in the acquisition of the property from Stephen M. Spaeder, who represented Equus Capital Partners. The deal adds significant value to TA Realty's multifamily portfolio in a growing market region.

Players

TA Realty
TA Realty
BUYER
SS
Equus Capital Partners
Stephen M. Spaeder
9 deals$325M volume
SELLER

Details

SOLD
IMAGE: James O. Buckingham & Stephen M. Spaeder DATE: 10/17/2025 ADDRESS: 500 Trinity Lane North MARKET: St. Petersburg ASSET TYPE: Multifamily ~ ACRES: 14.35 BUYER: James O. Buckingham - TA Realty SELLER: Stephen M. Spaeder - Equus Capital Partners SALE PRICE: $97,000,000 UNITS: 314 ~ PPU: $308,917 NOTE: TA Realty acquired the 314-unit Madison Gateway Apartments in St. Petersburg, Fla. from Equus Capital Partners for $97 million ($308,917 per unit). The 14.35-acre property, built in 1997 and renovated in 2012 and 2019, features amenities such as a pool, gym, and dog park.

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

$5,173,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$344,620.53
Cash-on-Cash Return-1.27%
Monthly Debt Service$459,829.49
Annual Debt Service$5,517,953.85