Downtown St. Pete Apartment Complex Sells for $81 million

cliggittvaluation • November 7, 2024

930 Central Flats, a luxury apartment complex located in the heart of downtown St. Petersburg’s Edge District, has a new owner: Olympus Property. Based in Fort Worth, Texas, Olympus Property is a prominent residential real estate management group with a strong presence across over 15 states. Founded in 1992, the company specializes in acquiring, developing, and managing multifamily residential properties, and has built a reputation for its commitment to quality and customer service. Their goal is to create vibrant communities that enhance the living experience for residents. As part of its continued growth in Florida, Olympus Property recently acquired 930 Central Flats. The company has already established a presence in the state, owning 14 other complexes, and wants to expand its presence within the Tampa Bay area. According to Chase Bennett, Olympus Property’s Chief Acquisitions Officer, “The acquisition of 930 Central Flats is a significant milestone in expanding Olympus Property's presence in one of Florida's most dynamic urban markets.”(PR Newswire). With this latest addition, Olympus now owns and manages over 5,500 units statewide.

On October 28th, Olympus Property purchased 930 Central Flats for $81 million, or roughly $371,000 per unit. The deal was partially financed through a $15.1 million loan from Berkeley Point Capital LLC, although additional debt may be associated with the transaction, which has not yet been filed with the Pinellas County Clerk’s office, according to St. Pete Rising. Olympus Property is no stranger to the Tampa Bay area. The company also owns Canopy at Citrus Park and Olympus Harbour Island, two other well-known luxury apartment complexes in the area. 930 Central Flats however, stands out, due to its great location and various amenities, which makes it a prime addition to Olympus’s portfolio.


Designed to enhance the living experience, 930 Central Flats offers a variety of one, two, and studio apartments, with sizes ranging from 587 to 1,294 square feet. Interior features include hardwood-style flooring, SmartRent home technology, white quartz countertops, stainless steel appliances, walk-in closets, glass-top stoves, and kitchen islands with pendant lighting. In addition to its impressive units, the complex boasts a wide range of community amenities, such as a two-story fitness center, a rooftop lounge, a resort-style pool with poolside entertainment, a private meeting and dining room, and a pet-friendly environment. The building also includes a coworking lounge and ground-level retail, dining, and entertainment spaces, enhancing its appeal to residents who value convenience and amenities.


One of the key selling points of 930 Central Flats is its location, adjacent to the $6.5 billion Gas Plant District redevelopment project. This highly anticipated development is expected to create 5,500 jobs and contribute $1.4 billion annually to the local economy, further solidifying the appeal of the surrounding area. This acquisition shows Olympus Property's commitment to expanding its presence in high-demand urban markets, particularly in the rapidly developing Tampa Bay area. By using its expertise in property management and customer service, Olympus plans to enhance the living experience at 930 Central Flats, aligning with its mission to exceed the expectations of residents, employees, and investors alike. Overall, with the acquisition of 930 Central Flats, Olympus Property continues to solidify its position as a leader in the multifamily real estate market, especially in Florida. The complex’s prime location, outstanding amenities, and the company’s proven approach to property management are sure to make it an attractive choice for renters looking for luxury living in the heart of downtown St. Petersburg.




Sources : St Pete Rising | Olympus Property | 930 Central Flats | Apartment Home Living | PR Newswire



Thank you for your interest. If you are in need of Appraisal & Valuation services in the West Central Florida Market, contact:

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets



SHARE CONTENT

By cliggittvaluation July 25, 2025
A well-known corner of South Tampa is getting a new lease on life. The property at 2616 S. MacDill Avenue—formerly home to the popular eateries Datz and Dough—is undergoing a complete transformation led by Three Oaks Hospitality. The new concept, 1983, is scheduled to open its doors in mid-August. Three Oaks, the hospitality and development group behind successful Tampa Bay ventures like Armature Works, The Pearl, Ciro’s, Steelbach, and Ro, acquired the site in 2023 and has since begun a creative reimagining of the space. The 150-seat restaurant will introduce a sports-forward, social dining experience with an upscale 1980s-inspired aesthetic. The adjacent Dough space will become a retro arcade, paying homage to iconic video games of the past—think Pac-Man and Galaga—while the restaurant itself will offer a menu that ranges from sushi and salads to French dips and classic wings. The design will incorporate vintage sports memorabilia and a preppy flair reminiscent of 1980s fashion and culture. The project’s name, 1983, reflects the birth year of twin brothers Charles and Kyle Bruck, co-founders of Three Oaks. One thing that isn’t changing? The landmark marquee sign out front, which locals may remember for its witty one-liners. It’s being preserved and will continue to feature playful messages as a nod to the building’s legacy. This revitalization adds to the continued momentum of redevelopment along the South MacDill corridor, a high-visibility commercial stretch in one of Tampa’s most established neighborhoods.
By cliggittvaluation July 21, 2025
Tampa residents have been waiting for high-speed rail service—and it’s starting to look like that dream could eventually become a reality. Brightline, the private passenger rail company already operating in South Florida, is officially making moves toward a Tampa expansion. The company recently requested $400 million in bonds to fund new stations and tracks across Florida, with Tampa named as one of the next planned stops. That funding would help push forward rail infrastructure connecting Tampa to Orlando and beyond. So… when can we actually expect to ride? The Not-So-Soon Timeline According to Hillsborough County Transportation Planning Organization executive director Johnny Wong, we might still be waiting another decade. Yep—ten years. Wong’s projection is based on information from a former Brightline executive, now with the Orlando Economic Partnership, who noted that Brightline will need to lay new rail along I-4 before the Tampa link becomes a reality. And since I-4 is currently undergoing a massive expansion that could take up to 20 years to complete, rail construction might not begin for a while. That said, there’s some hope. Governor DeSantis and the Florida Legislature have shown interest in speeding up the I-4 project, which would naturally help accelerate Brightline’s expansion timeline as well. Why Now? Ever since Brightline opened its Orlando station in 2023 (connecting to Miami), the buzz around a Tampa extension has only grown. With Central Florida’s population booming and I-4 getting more congested by the day, many are pushing for a faster, less stressful travel alternative. Last year, Mayor Jane Castor even floated 2029 as a possible opening year for the Tampa station. And with the recent bond request and local support—including a unanimous vote from Tampa City Council to allow Brightline to proceed with financing—the wheels are certainly turning. But There’s a Catch While Brightline has ambitious plans, the company is facing some financial headwinds. It fell about 30% short of its projected ridership last year, carrying roughly 2.8 million passengers. That drop came after eliminating popular $10 commuter passes, though those have since been brought back—and early signs show ridership recovering in South Florida. Despite operating at a $63 million loss last year and carrying $5.5 billion in debt, Brightline continues to grow. And Tampa appears to be next in line. Where Will the Station Go? A final location hasn’t been publicly announced, but city officials have hinted at a site in Tampa’s “greater downtown area,” possibly stretching from Ybor City to the Curtis Hixon Waterfront Park area. In May, Hillsborough County asked residents how they would get to the future station, and the majority said they’d drive or use ride-share services. That means the city will likely need to build a parking structure and invest in safer pedestrian and bike-friendly infrastructure. Respondents also voiced a desire for more public transit near the station, which could reignite conversations about expanding the TECO Line Streetcar into Tampa Heights. What If Brightline Doesn’t Make It? Even with the financial risks, there’s a silver lining. If Brightline lays the rail but later backs out, the infrastructure could still be used by another operator—think Amtrak or even a local transit authority. As Wong put it: “If we have assets for trains to go through Tampa to Orlando, I don’t see why there wouldn’t be competitors in that space.” Source: Tampa Bay Times Thank you for your interest. Have questions regarding the local market? Navigate the Real Estate Market with confidence, and contact us at Cliggitt Valuation for your appraisal, consulting, and valuation needs today. Mike Cliggitt, MAI, MRICS, CCIM 813.405.1705 | 863.661.1165 - Direct Lines findvalue@cliggitt.com Appraisal & Valuation Markets Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt. Sydney Avolt 727.403.7418 - Direct Line sydney@cliggitt.com
By cliggittvaluation July 8, 2025
Florida’s property insurance market is finally showing signs of recovery in 2025, following several years of volatility. A combination of legislative reforms and a resilient response to recent storms has begun to steady both residential and commercial insurance rates. For those in the commercial real estate space, this shift offers a much-needed sense of predictability. With fewer surprise exclusions and more stable premium trends, stakeholders can breathe a little easier—even if hurricane season keeps everyone on alert. In this post, we break down the effects of the 2024 hurricane season, 2025 premium trends, key legislative changes, reinsurance market updates, and what these developments mean for property owners, brokers, and investors across the state. After the 2024 Hurricane Season: Resilience in Action
More Posts