Clarion Partners buys West Port Colony in St. Petersburg

Clarion Partners bought West Port Colony, a 324-unit residential scheme in St. Petersburg, Florida. The buyer, Clarion Partners, paid $54.5m for the property. Located in the city’s Brighton Bay neighborhood, the West Port Colony includes 15 two- and three-story residential buildings that average 801 sq ft. Area employers include Jabil Circuit, Raymond James, Tech Data, Spectrum, Franklin Templeton Investments, St. Anthony’s Hospital and the Home Shopping Network. JBM Institutional Multifamily Advisors arranged the sale.

“The property is located in the heart of the Gateway area, which hosts several Fortune 500 companies and more than 63,000 high-wage jobs,” said Justin Hofford, director of valuation and advisory services at JBM Institutional Multifamily Advisors.