Funds controlled by Loci Fund II GP, LLC, an affiliate of Tampa-based Loci Capital Group, LLC, a private real estate fund manager, completed the divestment of The Levi Apartments, a 102-unit garden style apartment community in the Gandy submarket of St. Petersburg, Florida. 

The 3.9-acre site was acquired by Loci and its development partner, Maifly Development, in July 2021. The community includes two 3-story apartment buildings, a clubhouse, outdoor lounge, and resort style pool. 

“This sale marks our third fully realized investment for our Fund I investors, less than 2 ½ years after the fund’s final close,” said Patton Chillura, co-founder of Loci Capital and the deal lead for the investment. “Despite headwinds, due to the rise in insurance premiums and turbulence in the capital markets, the investment’s outperformance with regards to operating performance resulted in a positive outcome for our investors.” 

Loci said the project did not initially meet its underwriting requirements, but the team was able to work with the seller to improve the site’s potential, increasing the project’s built-in profit margins ahead of putting any capital at risk. 

The sale process was run by Newmark, including Multifamily Capital Markets vice chairman Patrick Dufour, managing director Andrew Visnick, director Pibu Aulakh, and associate Sabrina Greiner. 

Since inception in 2019, the firm has invested over $250 million of equity in more than $1 billion of real estate, including multifamily, hospitality, office, vacation rental, student housing and medical office sectors. 

Last week, Loci announced a joint venture with private real estate development and investment firm Canvas Residential to develop an 82-unit townhome rental community in the university submarket of Charlotte, NC. The project will break ground this month and is expected to start leasing in 2026.