The Drake at St. Pete, a large multifamily community with 477 units located at 1699 68th Street N., St. Petersburg, was recently sold for $61.58 million. The residences within the complex include studio, one-, two- and three-bedroom options. Excelsa Properties acquired the property and plans to invest $8 million in renovations and improvements.
According to reports from the St. Pete Catalyst, Brandywine Multifamily Partners LLC sold the property in 2020 for $55.33 million.
Situated on a spacious parcel of land measuring 19 acres and .75 acres, this four-building community boasts impressive amenities such as a fitness center open round-the-clock, three swimming pools perfect for cooling off during hot summer days or lounging poolside with friends or family members; not one but two dog parks where residents can take their furry companions out for some exercise; plus an inviting picnic area ideal for outdoor gatherings.
Building One is home to all of The Drake’s living units – each of which are spread across its two stories – while Buildings Two through Four comprise clubhouses along with leasing facilities that were built between ’72-’73 (with sizes ranging from approximately nine hundred twelve square feet up to nineteen hundred twenty-four square feet).
