Tuesday , 27 September 2016
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Hines Sells Its New Apartment Project in Florida

The 308-unit Azure project in St. Petersburg, Fla. has been sold by Hines to Passco.

The 308-unit Azure project in St. Petersburg, Fla. has been sold by Hines to Passco.

ST. PETERSBURG, Fla. – Hines, the Houston-based real estate firm, has sold its 308-unit Azure garden-style multi-housing property in St. Petersburg to Passco Real Estate Enterprises of California.

A turnkey project for Hines, capital raise, development, lease-up and sale were completed by the firm a year and a half ahead of schedule. HFF marketed the property on behalf of Hines.

Azure is Hines’ first multi-housing development in the Tampa Bay market, and was built on a 13.2-acre parcel within the Carillon Park mixed-use master-planned community, in close proximity to Roosevelt Boulevard, Ulmerton Road and I-275. Completed in 2014,   the property consists of seven three-story garden-style buildings and one four-story building. The property is currently 97.5 percent leased.

Michael Harrison, Hines senior managing director, said, “Azure was a significant project for us as it was Hines’ first multifamily project in the Tampa/St. Pete market.  In addition, the initial capitalization was raised through a successful private placement managed by Hines Securities, Inc., the Hines broker/dealer affiliate. This was the second time that Hines Securities successfully served as the dealer manager for a private placement that raised capital for a Hines project in the southeast.”

Jon Wood, Hines managing director for Azure, commented, “This project is unique because it was built on the last garden apartment site in Carillon Park with very high visibility to I-275. We are very pleased with the final product, which continues to demonstrate that distinctive architecture, high-quality buildings in desirable locations will outperform the market and be attractive to investors.”

Designed by The Preston Partnership of Atlanta, GA, Azure’s architecture evokes a coastal style with buildings clad in clapboard siding, with shake accents, wide eaves, metal roof accents and stucco at the buildings’ bases.

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