A Toronto-based multifamily investment firm expanded its U.S. footprint with its latest purchase. Brass Enterprises paid $107.63 million for a luxury apartment complex in St. Petersburg, Florida, dubbed the Hermitage Apartment Homes.
Brass Enterprises acquired the complex from Coral Gables, Florida-based The Allen Morris Co., which developed the apartments. Allen Morris broke ground on Hermitage in August 2014 and completed construction in 2017.
The Hermitage Apartment Homes, a luxury multi-family apartment community in downtown St. Petersburg, Florida, garners first place accolades at the 2018 Florida’s BEST Awards, presented by the Builder’s Association of South Florida (BASF) in the category of online Builder’s Overall Multi-Family for Rent Average Monthly Rental $1801 to $2500.
The Florida’s BEST Awards celebrate professionals from leading industries, including developers, contractors, architects, interior designers, landscape architects, marketing specialists, mortgage and real estate brokers.
Mills Properties, one of the top St. Louis apartment owners, has sold The Orion, a 178-unit luxury apartment community in St. Louis, to Brass Enterprises. The seller developed the asset, which opened in early 2016 following approximately two years of construction, according to Yardi Matrix.