The Allen Morris Company, one of the largest diversified real estate firms in the southeast, announced today the recent sale of its luxury mixed-use apartment community, The Hermitage Apartment Homes™ in St. Petersburg, Florida, for $107.625MM. The seller was The Hermitage St. Pete, LLC., an affiliate of The Allen Morris Company.
The property was acquired by Brass Enterprises Inc. – a real estate investment company based in Toronto, Canada. Brass Enterprises Inc. owns a diversified Real Estate portfolio with a focus on multifamily residential assets in high growth US markets.
“We were able to successfully develop a project that was truly unique and unlike any other mixed-use development in St. Petersburg to inspire the gentrification of the City’s Arts District and celebrates its surroundings, said W. Allen Morris, Chairman and CEO of The Allen Morris Company. “The sale of such a transformative development is a testament to the value the project brings to the community and we’re proud that it will be enjoyed for generations to come and are grateful to have had the support of a collaborative effort with the City leadership throughout the process.”
Located at 151 7th Street South, and set in the heart of downtown St. Petersburg’s lively Central Arts district, The Hermitage Apartment Homes was created to be a dynamic community-driven project with modern living and inspiring artistry throughout the development.
The Hermitage Apartment Homes features 348 spacious units, a wide array of resort-style amenities, bay views and an impressive art gallery featuring works by celebrated local artists in the building’s main lobby in collaboration with the Morean Arts Center. Situated on two acres, the eight-story building is a destination and landmark within the city, becoming further ingrained in the area’s cultural and artistic scene, and where people can relish in a live, work, play environment.
The seller was represented by Walker & Dunlop, LLC.
About The Allen Morris Company:
The Allen Morris Company is one of the largest real estate firms in the Southeast U.S. specializing in commercial, multi-family residential and mixed-use developments, leasing and brokerage as well as property management. With offices in Miami, Coral Gables, Fort Lauderdale, Orlando, Jacksonville and Atlanta, The Allen Morris Company has served its business and investment clients for 60 years. For more information, please visit www.allenmorris.com., or follow us on Facebook at www.facebook.com/TheAllenMorrisCompany or on Twitter @allenmorrisco.