One year ago, city leaders and a local developer broke ground on a transformational project in south St. Pete that aimed to create more housing opportunities for teachers and faculty. Today, the community has officially opened.

The new 60-unit apartment community, Bayou Court Apartments, is located near the southeast corner of Lake Maggiore at 4201 6th Street South, directly behind Lakewood Elementary School.

The project, which recently welcomed its first residents, was made possible through a public-private collaboration between the City of St. Petersburg, Pinellas County, and Gravel Road Partners, a Washington D.C.-based workforce and affordable housing developer that acquired the property in 2022 for $1.7 million.

The Oasis at Bayside apartment complex in Largo will undergo an extensive renovation to convert the units to affordable housing and update the aging amenities.

Washington, DC-based multifamily investor Gravel Road Partners and Bridge Investment Group, an investment company headquartered in Salt Lake City, Utah, purchased the 304-unit property at 305 Glades Circle on March 12th for $42.25 million.

Berkadia Senior Managing Director Jason Stanton represented the seller, Latitude Management Real Estate Investors of Beverly Hills, California, in the transaction.

The new owners are partnering with Pinellas County to renovate the 1974-built property and dedicate 258 units for tenants earning 50% to 80% of the Area Median Income (AMI). Currently the property has no affordability requirements.