ST PETERSBURG, FL - Multifamily investment firm of Lloyd Jones Capital has closed on Palmway Village, a 432-unit apartment complex in St. Petersburg, FL. Located at 411 77th Ave North, the property consists of 12 apartment buildings, two pools, a fitness center and library on 15 landscaped acres.
According to Chris Finlay, Chairman and CEO of Lloyd Jones Capital, plans call for a large expansion of the fitness building to include a cyber café, meeting areas, and a “gig spot” for high tech collaboration. At the same time, pool decks will be enlarged and refurbished with the addition of summer kitchens and picnic areas. The dog park will include games and obstacle courses, even a water feature. Sunny open areas will be turned into organic gardens.
Says Finlay, “Palmway will be re-branded to our Vibe model. Our vision is to create a fun, high tech community with computer work tables and charging stations, technology and art classes, and of course, parties – in beautiful indoor and outdoor settings.” According to Finlay, the new name will be The Vibe at Gateway.
This is the third closing in as many months for Lloyd Jones Capital. The other two are in Texas, with an additional closing scheduled for early November.
Lloyd Jones Capital is a multifamily investment firm. Headquartered in Miami, the company also has offices in Tampa, Orlando, Jacksonville, FL; Houston and Dallas/Fort Worth, TX. The company invests in well located, cash-flowing assets with value-add potential. The company’s investment partners include financial institutions and private investors. Its founder and CEO, Christopher Finlay, has been in the multifamily business for thirty-five years as a developer, investor, and manager.