ESG Kullen Sells Tampa-Area Asset for $114M
Trellis at the Lakes provides 688 units across 46 buildings in St. Petersburg.
NOV 09, 2020
By Beata Lorincz
Stoneweg US has acquired Trellis at the Lakes, a 688-unit community in St. Petersburg, Fla., for $114 million. Law firm Meland Budwick represented the seller, ESG Kullen, who acquired the property in 2016 for $80.9 million, from Camden Property Trust, according to Yardi Matrix.
The property is located at 11401 Dr. Martin Luther King Jr. St. N., roughly 10 miles north of downtown St. Petersburg. Interstate 275 is less than 2 miles away, while a Publix-anchored retail center is within a mile’s radius. Central Tampa is less than 15 miles northeast of the site.
Built in 1981, Trellis at the Lakes provides 384 one-bedroom and 304 two-bedroom apartments, across 46 buildings. Common-area amenities include fitness and business center, a clubhouse, tennis and basketball court, six laundry facilities and two swimming pools.
Mark Meland and Bryan Vega of Meland Budwick arranged the deal. In 2019, the property became subject to a $67.6 million CMBS loan originated by Newmark.
Last week, another Tampa-area community traded in a deal brokered by CBRE. Buff Management sold Vista at Palma Sola in Bradenton, Fla., located just over an hours’ drive south of Trellis at the Lakes.