The Colliers’ Florida Multifamily Team is proud to present Southsider, a 16-unit apartment property located in South Saint Petersburg, directly across the street from Stoneweg’s massive mixed-use redevelopment project, Coquina Key Plaza, which will be home to over 400 new apartment units and 20,000 square feet of retail space. Southsider is directly in the path of South St. Pete’s gentrification and has already undergone a full renovation, completed in 2021. Just one mile north of the property, another 330-unit apartment community has already broken ground and is expected to be completed in 2024.
Southsider sits on a .76-acre site with three 2-story block construction buildings that contain 16 one-bedroom, one-bath units at approximately 700 sq ft each. There is excess off-street parking, a dog walk area and a shaded common area with seating and BBQ for the tenants to enjoy. The buildings have new windows, and the unit interiors were renovated with vinyl plank flooring, new kitchens and baths with granite countertops and stainless-steel appliances. Each unit also contains washer/dryer hookups with room for a stackable washer/dryer.
The Tampa Bay area, including St. Petersburg, has seen unprecedented population growth over the last few years and continues to see local and out of state investors target the area due to the already high, but increasing demand for apartment units. Southsider is primed for a new owner to further improve the property with minor updates to the curb appeal and trail the higher rents of new apartment units being delivered to the market close by. Tenant’s at Southsider will have the added convenience of being less than 8 miles from St Pete Beach and less than 4 miles from Downtown St. Pete, with easy access to major thoroughfares that lead to Clearwater, Tampa, major employment hubs and international airports.
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THIS CONFIDENTIALITY AGREEMENT (“Agreement”) is made and agreed to by Colliers Florida Multifamily (“Broker”), exclusive listing broker for the Property, and the undersigned Purchaser (“Purchaser”) regarding the Property herein (“Property”). The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the Owner(s). PURCHASER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the Property has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers who sign this Agreement. THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows: 1. Purchaser will not disclose, permit the disclosure of, release, disseminate or transfer; any information obtained hereunder (“Information”) to any other person or entity. 2. If Purchaser is a corporation, partnership, limited liability company or other non-natural legal entity, the person(s) signing this Agreement on its behalf will take all appropriate precautions to limit the dissemination of the Information only to those persons within the entity who have need to know of the information, and who are specifically aware of the Agreement and agree to honor it. 3. This Agreement applies to all Information received from Broker, now or in the future, which is not readily available to the general public. Purchaser understands that all information shall be deemed confidential, valuable and proprietary such that its unauthorized disclosure, even without intent to harm, could cause substantial and irreparable harm to Owner and Broker. 4. All information shall be used for the sole purpose of evaluating the potential acquisition of the Property, and it shall not at any time, or in any manner, be used for any other purpose. 5. Purchaser shall not contact directly any persons concerning the Property, other than Broker, without Broker’s or Owner’s written permission. Such persons include, without limitation, Owner’s employees, suppliers and tenants. 6. Purchaser acknowledges that it is a principal and not an agent on behalf of any other party in conjunction with the purchase of the Property (except Advisors working on behalf of their pension fund clients). Purchaser acknowledges that it is not working with any other broker or agent other than The Babb Group in connection with this transaction. 7. Neither Broker nor Owner makes any representations or warranty, express or implied, as to the accuracy or completeness of any information provided by them. Purchaser assumes full and complete responsibility for reconfirmation and verification of all Information received and expressly waives all rights of recourse against Owner and Broker with respect to the same. 8. The Persons signing on behalf of Purchaser and Broker represent that they have the authority to bind the party for whom they sign. 9. This Agreement shall be governed and construed in accordance with the laws of the State of Florida. 10. No outside broker represents Purchaser. Purchaser is working with Colliers Florida Multifamily, specifically The Babb Group. Furthermore, Purchaser indemnifies Broker and owner against any commission claims by brokers on this listing or any listing by the Babb Group for the six months following the date of this agreement.