The Hermitage is a brand-new trophy asset in the heart of downtown St. Petersburg/Tampa, Florida. Built in 2017, The Hermitage is a highly-amenitized 348-unit, condo-quality midrise apartment community.
UNPARALLELED LUXURY: Borrowing cues from the world’s second largest art museum, The Hermitage features an art gallery in its posh, contemporary designed lobby. The Hermitage is crowned with a skydeck, a state-of-the-art fitness center, an opulent library, an outdoor kitchen, and a resort-style pool and hot tub. Overlooking a majestic courtyard, the 10-foot ceiling suites are adorned with floor-to-ceiling windows. Premium suites are fashioned with stained concrete floors. The Hermitage is home to tenants with an average household income of $180,000.00 per annum.
PRIME LOCATION: The Hermitage is situated in a unique location, with exceptional walkability to office buildings, restaurants, entertainment venues, museums and cultural attractions, as well as abundant green space, including the third largest waterfront park system in North America. The Hermitage has a Walk Score of 93 and a Bike Score of 94, with a bike trail bordering the property. Referred to by residents as The Pantry, The Hermitage is just across from a new Publix, which caters to organic food enthusiasts. From the community-driven nature of its residents to the myriad of local businesses and cultural attractions, downtown St. Petersburg continues its evolution into a dynamic live-work-play environment. It boasts a thriving economy, vibrant nightlife, and upscale shopping and dining. Its gorgeous weather earns St. Pete the name “Florida’s Sunshine City.”
TAMPA/ST PETE MARKET NEWS AND UPDATES: The demand for apartments and rent growth will strengthen in the Tampa Bay/St. Petersburg metro as companies and institutions continue to expand their payrolls this year. Employers are expected to add 30,100 new jobs in 2019, an annual gain of 2.2%, nearly as significant as the growth that occurred in 2018. Construction on the 519-room JW Marriott Hotel is already underway in the metro, anchoring the highly anticipated Water Street Tampa development. Hiring ahead of the hotel’s 2020 scheduled opening is expected to drive job growth in the leisure and hospitality sector.
• Tampa made the top 10 list for the first time in the report’s 40-year history. Investors are drawn to Tampa/St. Petersburg for the cities’ demographic growth, friendly business climate, and attractive cost structure.
• The state of Florida offers a diversity of markets for different investors. Tampa Bay/St. Petersburg has been steadily gaining the interest of institutional investors and has seen increased interest during the economic recovery.
• Tampa Bay/St. Petersburg has benefited from strong annual net migration over the past five years. Seven of the Florida markets are expecting population growth rates that are at least 85 percent higher than the national average.
The Orion is an institutional-quality, Class A multi-family asset located in the Central West End, one of St. Louis’ most prestigious and affluent submarkets. Built in 2015, The Orion is an opulent 178-unit, 7-story, midrise rental community, rising above an expansive 38,511 square foot Whole Foods Market.
WHOLE FOODS: The Orion includes 38,511 square feet of retail space leased by Whole Foods, the premier grocery chain in North America recently acquired by Amazon. The Whole Foods lease has a twenty-year term plus 6 five-year term extensions, along with percentage rental income, after a sales threshold is passed. Whole Foods is widely known for selecting prime locations. Its presence in The Orion thus testifies to the desirability of the property.
UNPARALLELED LUXURY: The Orion features magnificent 10-12-foot vaulted ceilings, keyless entry, and heated towel bars, among its many unit amenities. The community boasts a stunning rooftop sundeck that includes a saltwater swimming pool, fireplaces, and fire pits. The building has structured parking and a 24-hour concierge service. In November, The Orion won first place for best multifamily interiors from International Interior Design Association!
GREAT DEMOGRAPHICS: The Orion is home to renters earning on average $260,000 a year per unit. The tenant population includes many physicians from the world class hospital network located within walking distance from The Orion. Given the affluent tenant population, it is not surprising that The Orion provides secured wine lockers in its Euclid Club Room.
PRIME LOCATION: Two highly acclaimed universities – Washington University and St. Louis University – neighbor the property. The Orion is in the heart of an affluent Central West End submarket, bordering the popular Forest Park, and home to many mansions. Adjacent to Central West End is the Cortex District. Founded in 2002, Cortex is the Midwest’s premier innovation hub of bioscience and technology research, development, and commercialization, serving as the anchor of St. Louis’ growing ecosystem for innovative startup programs and established companies.
Brass Enterprises Inc. has entered the Phoenix multi-family market with the $41.81 million acquisition of the 194-unit Aura on Broadway apartments at 1221 E. Broadway Road in Tempe, Arizona. Brass purchased the property from Trinsic Residential/ CNL Growth Properties. The property offers a mix of studio, one, two, and three-bedroom contemporary apartment homes. Completed in 2016, Aura on Broadway has been thoughtfully designed and diligently constructed to out-perform its denser, more expensive competition over the long-term. Located near Downtown Tempe and Arizona State University, the Property benefits from the explosion of employment and lifestyle opportunities as Tempe emerges as the new urban epicenter of Metro Phoenix. Moving forward, the property will be branded by just its address and will be know as 1221 Broadway Apartments.
Brass Enterprises Inc. has just completed the purchase of Jefferson Palm Beach, a 282‐unit rental community on 11 acres. The property is situated in West Palm Beach, with easy access to downtown West Palm Beach and its popular employment and recreational hubs. Completed in 2015, the property offers a mix of one‐, two‐, and three‐bedroom luxury apartments. Jefferson Palm Beach is located within an infill neighborhood with a dense renter population and ample retail amenities.