Done Deals is a weekly column by St. Pete Rising spotlighting recent real estate market insight and significant deals happening in the Sunshine City and beyond. The following information is sourced from public records and trusted intel.

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Canadian investors buy St. Pete apartments  

The 136-unit Villas at Flagler Pointe apartment community has sold for $12.34 million.

Merion Bay Point sold the multi-building complex at 2150 62nd Terrace South to an LLC connected to real estate investment groups Whitestone Capital, which is based in Clearwater, and Canadian-based CPI Capital.

The team has rebranded the Villas at Flagler Pointe to Atlas at Bay Point.

"We aim to renovate the property, enhancing living conditions for tenants and the surrounding neighborhood," CPI Capital Co-Founder August Biniaz said to St. Pete Rising.

The community, constructed in 1972, has one- and two-bedroom apartments with wood plank flooring and private patios/balconies.

The current amenities include a swimming pool, a 24-hour gym, a garden, and laundry facilities.

CPI will improve the property with new landscaping and roof replacements.

They will also modernize the units by upgrading the LED lighting, adding washers and dryers to the two-bedroom apartments, and installing backsplash in the kitchens, among adding other new features.

CPI Capital took out a $9.267 million loan from CBRE Capital Markets for the purchase.

Biniaz said CPI Capital will pursue additional investments in the Tampa Bay metro.

The company focuses on acquiring multifamily properties that have over 100 residential units and are in need of renovations.

Portofino Italian Ristorante closes

Portofino Italian Ristorante, which has been a fixture in the St. Pete community for 30 years, has permanently closed its doors in the Skyway Marina District.

The restaurant owners previously announced the pending closure on social media, explaining they were no longer continuing to lease the space at 5035 34th Street South. 

"We can not express enough gratitude for your unwavering support, laughter, and countless memories shared within our walls. Your loyalty has been the heart and soul of our journey," the social media post read.

The restaurant was owned by Chris Conley. He purchased the business from the founders Ana and Michele Fischetti in 2018.

Company moves New York HQ to Pinellas

Supplement Manufacturing Partners (SMP), a New York-based company manufacturing and packaging over-the-counter vitamins and supplements, is relocating its headquarters to Largo.

The company has signed a lease to occupy a 103,494-square-foot industrial complex at 12333 Enterprise Boulevard.

JLL brokers Peter Cecora, John Dunphy, and Olivia Brock represented SMP in the lease.

The three-acre property features a 56,348-square-foot building, built in 1979 and 2004, and a 47,146-square-foot building.​ The northern building is a newer Class A facility built in 2018, according to a listing.

Developer secures loan for new affordable housing project

Tampa Bay Area-based affordable housing developer Blue Sky Communities and St. Petersburg Housing Authority have obtained funding for a new affordable apartment project in St. Pete.

During Thursday’s St. Pete City Council meeting, councilmembers unanimously approved a $610,000 loan to go towards the construction of a new 95-unit affordable housing complex to a 1.35-acre site at the southeast corner of Hartford Street and 32nd Avenue North in St. Petersburg.

The units will cater to families and seniors and will be complemented by an outdoor recreational space for activities such as pickleball and shuffleboard.

The joint venture between Blue Sky Communities and St. Petersburg Housing Authority was the sole developer to respond to the city's Housing and Community Development Department's Request for Proposals (RFP) from affordable housing developers to build the project.

The development, estimated to cost roughly $31.26 million, will have one-, two-, and three-bedroom units.

At least 84 units will be reserved for households with incomes at or below 30%, 60%, and 80% of the area median income (AMI).

The city loan will be a non-recourse 0% interest subordinate loan.

Indian Rocks Beach restaurant sells

The property housing the shuttered Casa Italia Restaurant in Indian Rocks Beach has a new owner.

The 4,872-square-foot building at 2699 Gulf Boulevard, which includes a residential unit behind a connected 1,800-square-foot restaurant space, sold for $1.6 million to Nese Investment LLC.

The family-owned and operated Italian restaurant opened in 2019 and closed earlier this year.

It was owned by veteran restauranteur Bledar "Tony" Starova, the founder of Tony's Pizza in Clearwater.

The owner secured zoning entitlements for a "future expansion opportunity" for short-term rentals at the two-bedroom property, according to a property listing from Coastal Properties Group International.

The buyer assumed a $1.1 million mortgage from the seller.

Bank buys St. Pete Burger King property

JP Morgan Chase has purchased the site of a former Burger King drive-thru restaurant in St. Petersburg.

The bank purchased the property at 7705 Dr. Martin Luther King Jr. Street North for $1.55 million.

The 3,286-square-foot building was built in 1977 and has 40 parking spaces.

The site sits on a 0.34-acre lot on the corner of the Gateway Market Center, which is anchored by Target and PetSmart.