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Mark Rutledge Of WRH Realty Services Acquires Aspire At Gateway In Pinellas Park For $61M
SOLD
$61,000,000
Florida
See Similar DealsMultiFamily
Sold 12/19/2025
SOLD
Mark Rutledge Of WRH Realty Services Acquires Aspire At Gateway In Pinellas Park For $61M
5501 110th Avenue North
See Similar DealsMultiFamily
Sold 12/19/2025
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
The 329-unit Aspire at Gateway apartments located at 5501 110th Avenue North in Pinellas Park sold for $61,000,000. The property spans 18.4 acres and features one- to three-bedroom units with resort-style amenities. The transaction reflects a price per unit of $185,410 and matches its 2021 sale price.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $61,000,000
- Units: 329
- Price Per Unit: $185,410
- Buyer: Mark Rutledge - WRH Realty Services
- Seller: Robert E. Hart - TruAmerica Multifamily
- Date of Sale: 12/19/2025
- Market: Pinellas Park
Mark Rutledge represents WRH Realty Services in the deal, while Robert E. Hart represents TruAmerica Multifamily. This transaction marks a significant event as it maintains the value established during its previous sale in 2021.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,253,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$216,720.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$289,171.12
Annual Debt Service$3,470,053.45
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