Ram Realty Advisors, a Palm Beach Gardens real estate investment firm, has bought a St. Petersburg apartment community and plans to make upgrades.<\/p>\n
The property is Beacon 430, a 327-unit complex in the city\u2019s downtown.<\/p>\n
Terms of the sale were not disclosed, and city property records have not been updated. The seller, an Alabama LLC, paid $24.84 million for it in 2019.<\/p>\n
Beacon 430 is at 430 3rd St. S. and was built in 2014.<\/p>\n
The four-story building sits on 4.3 acres and spans two blocks. Units range from a 643-square-foot one-bedroom, one-bath unit to a 1,360-square-foot three-bedroom, two-bath unit. (Rent prices were not available on the community\u2019s website Tuesday.)<\/p>\n
According Ram Realty the community \u201cprovides a low-rise residential alternative with extensive outdoor amenities in a submarket where limited site availability and rising land costs increasingly favor high-rise development.\u201d<\/p>\n
The firm says in a statement that it plans to make improvements to common areas and amenities as well as some upgrades to the interior of units.<\/p>\n
Ram Realty specializes in multifamily, grocery-anchored retail, and mixed-use properties in the Southeast.<\/p>\n