Lutheran Residences

About Lutheran Residences

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the exclusive offering of the Lutheran Residences in South Pasadena (St. Petersburg area of Tampa Bay), a rare and unique opportunity to acquire a 180-unit multifamily community in a 16-story tower with surface parking. The property previously operated as a senior affordable housing community, but affordability restrictions were removed when prior debt encumbrances were satisfied. The property sustained significant damage from Hurricanes Helene and Milton in 2024 at which point, the property was vacated and remains 100% vacant.

The property sits in a highly desirable location in South Pasadena in Pinellas county with average household income of $115k (5-mile radius) and proximity to major employment, retail and grocery and nationally acclaimed white sand beaches. The property has numerous common area rooms on the ground floor that can be adapted to modern amenities and has the ability to upgrade all units to a luxury finish level. Furthermore, units can potentially be combined to create two-bedrooms and a more diverse unit mix. There are views from Boca Ciega Bay, Gulf of Mexico and downtown St. Petersburg from approximately 75% of units.

The property is in need of rehab, being sold as-is, free and clear of debt. The property also sits in a Qualified Census Tract (QCT) and currently has a rooftop cell tower lease and a ground lease with approximately 25 spaces being leased to an adjacent restaurant.