Elements on Third

About Elements on Third

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present Elements on Third, a rare 431-unit mid- to high-rise, elevator-served multifamily community located in the Historic Kenwood neighborhood of St. Petersburg, Florida. The property sits in the top-performing submarket in the Tampa Bay region, with South St. Petersburg posting the metro's #1 quarterly rent growth (+2.0%) and revenue growth (+2.6%) in 2Q26 and the strongest five-year rent growth (+6.8%) in the market, supported by an affluent, under-rented trade area where median household income is growing 6%+ annually. The property is strategically located less than three miles from Downtown St. Petersburg's central business district (40k employees), the Salvador Dalí Museum, and Tropicana Field and directly borders the Grand Central District's arts, dining, and brewery scene, and benefits from the newly awarded $8.1 billion Historic Gas Plant District redevelopment just southeast of the submarket.

The property spans six buildings constructed in phases between 1962 and 2021 — including two historic office-building conversions completely renovated in 2020-2023 — and offers 43 diversified floor plans averaging 844 square feet. Ownership has invested over $8 million in capital improvements over the past five years, and the property recently completed a successful lease-up after a management change, now hovering around 95% occupancy with minimal to no concessions. Additional upside remains through capturing embedded loss to lease (rents in-place 4.6% below market) as well as operational upside through ancillary income growth — including in-unit technology packages, increased utility reimbursement recovery, and additional storage, bike storage, and parking income — representing approximately $272,000 in additional annual revenue potential.

The offering is being marketed through a court-supervised Chapter 11 bankruptcy process, providing investors with the opportunity to acquire a recently renovated asset at a potential discount to prior basis and replacement cost.