Closed! Elysium Apts in St Pete (Tampa) appraised ~55% above purchase price!
October 27, 2022
Skytian Capital is excited to announce the closing of Elysium Apts in downtown St Pete, our 7th Tampa acquisition since February 2021. Elysium sits on three coveted DC-2 lots in downtown St Pete, totaling nearly 16,000 sq ft of land and consisting of 2 buildings with 12 units. Our immediate plan is to rehab the existing units within three months and convert the property to our BFFL model – Branded Furnished Flexible Leasing – similar to Satoshi Hideout a few blocks away. Mid-term we seek to 2-3x the number of units on the vacant lots with ADUs (accessory dwelling units) or modern prefab units. Longer-term St Pete’s government has repeatedly requested additional density to meet local housing needs, and we seek to answer their call by developing up to 180 units, in accordance with DC-2 zoning code.
Satoshi Hideout and the BFFL model has successfully launched to great success and media attention:
3.) St Pete Catalyst – Investor planning a community for digital nomads in St. Pete
2.) St Pete Catalyst – Inside St. Pete’s first crypto-themed boutique hotel
3.) Tampa Bay Times – Why an investor will renovate a St. Petersburg complex to honor bitcoin’s creator
4.) Baynews9 – St. Pete micro apartments themed after cryptocurrency
Elysium and Satoshi Hideout are both only a few block radius from major employers and attractions, including three major hospitals, St Pete beach and pier, vibrant Central Avenue downtown and the Historic Old Northeast. Furthermore, the properties are next to Tropicana Field, an 86-acre billion dollar plus “generational redevelopment” mixed-use project to transform St Pete. We believe that this is the largest development project in Tampa.
Colliers (engaged by the lender) appraised the property “as-is” 54.5% higher than our purchase price!
Separately, while this is Skytian’s smallest purchase in Tampa based on initial purchase price, it is also the first project secured and co-led by San’s 19-year old daughter Oia as Co-GP. The profits generated from Elysium will go toward paying for Oia’s first year of tuition at university, helping her along her path to gain financial freedom by age 21. Congratulations, Oia!
To partner with Skytian and our mission to help our family and friends create legacy wealth, please follow us at www.skytiancapital.com
Skytian – #10Cs to Legacy Wealth
#10Cs #saneng #skytiancapital #multifamily #realestate
