BH Equities, Pensam Capital buy Gateway Apartments in St. Petersburg, Florida.

BH Equities, Pensam Capital buy Gateway Apartments in St. Petersburg, Florida. via NAI Sean Dreznin

Apartment & Investment Specialist -- Sean Dreznin at NAI Manasota

Apartment & Investment Specialist — Sean Dreznin at NAI Manasota


BY: SEAN ROTH | REAL ESTATE EDITOR
June 14, 2013

Miami-based Pensam Capital LLC and Des Moines, Iowa-based BH Equities LLC have snapped up another Gulf Coast multifamily property. The joint venture purchased the 144-unit Gateway Apartments in St. Petersburg for $6.9 million.

The price equated to $47,916 per unit.

Built in 1986, the apartment development features 11 one- and two-story buildings. Units average 600 square feet of rentable space. Amenities include a laundry facility, basketball court and swimming pool. The development occupies a 7.26-acre site.

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