$31.35M Sale Marks First Ownership Change in 50 Years for St. Petersburg’s Rio Vista Village Apartments

A rare transaction in St. Petersburg’s multifamily market has closed, with Rio Vista Village Apartments selling for $31.35 million — the property’s first change in ownership since it was built in 1974.

Located at 200 78th Ave. N, the 248-unit, garden-style community was purchased on June 26 by 78th Avenue Apartment Homes LLC, according to Pinellas County public records. The buyer, whose corporate address is registered to the Tampa law firm Hill Ward Henderson, plans to upgrade the property.

Franklin Street represented both the buyer and the seller, a group of limited liability companies tied to local affordable housing developer Blue Sky Communities.

“With limited recent trades of 1970s-built multifamily properties, this closing signals a shift in investor sentiment and underscores the continued demand for well-located, value-add opportunities in the St. Pete market,” said Avery Jordan, senior director of multifamily investment sales at Franklin Street. “Our team generated strong interest in this asset, securing over 30 offers from a wide range of capital sources — from high-net-worth individuals to institutional private equity groups.”

Rio Vista Village spans 14.69 acres and offers more than 186,000 square feet of rentable space. Amenities include a clubhouse, swimming pool, fitness center, business center, car care station, and laundry facilities.

Originally purchased in 1971, the site was developed into its current 248-unit configuration in 1974. The recent sale comes amid increased competition for well-positioned existing assets in the St. Petersburg market.

“Even with the zoning changes made in 2023 to encourage new multifamily construction, investor interest in existing communities remains strong,” said Zach Ames, managing director of multifamily investment sales at Franklin Street. “As the market continues to improve, we’re seeing heightened competition, as evidenced by the number of offers received for this property.”