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Loci Capital Divests Multifamily Asset in St. Petersburg

Fund Continues to Outperform Benchmarks

This sale marks our third fully realized investment for our Fund I investors, less than 2 ½ years after the fund’s final close.”

— Patton Chillura, co-founder of Loci Capital

TAMPA, FLORIDA, UNITED STATES, April 3, 2024 / — Funds controlled by Loci Capital Op Fund GP, LLC, an affiliate of Loci Capital Group, LLC (“Loci”), a leading 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.

“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 resulted in a positive outcome for our investors. This is in no small part due to the work our team did leading up to acquisition as well as the quality and attention to detail exhibited by our joint venture partner, Maifly Development.”

The 3.9-acre site, located at 10491 Gandy Blvd N in St. Petersburg was acquired by Loci and its development partner, Maifly Development, in July 2021. The project did not initially meet Loci’s 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.

“In advance of acquiring the land, we were able to work with the previous owner to increase the site’s density, securing the right and permits to develop up to 102 units,” Patton further noted. “This, combined with the site’s strategic location, with great access to both the Tampa and St. Petersburg Central Business Districts, as well as hubs in Westshore and Carillon, allowed us to confidently move forward with the project.”

The property achieved stabilization in Q2 2022 due to strong tenant demand. The community includes two 3-story apartment buildings, a clubhouse, outdoor lounge, and resort style pool. In addition, the site sits in front of a larger stabilized community, and as a result, benefits from superior visibility and curb appeal. The successful sale process for the asset was run by Newmark, including Multifamily Capital Markets Vice Chairman Patrick Dufour, Managing Director Andrew Visnick, Director Pibu Aulakh, and Associate Sabrina Greiner.

“The Levi is a fantastic example of a well-executed development project by Maifly Development and Loci Capital in a highly strategic location within Tampa Bay. Our market continues to enjoy favorable multifamily fundamentals, and the property will make for an excellent addition to KRI’s growing portfolio,” said Andrew Visnick.

“The development of the Levi is a great example of Loci’s ability to proactively identify attractive sites, work to enhance the profitability of those sites, and bring in specialist operating partners at the ideal time in order to drive enhanced returns for our investors,” commented Michael Phillips, CEO and co-founder of Loci Capital. “The success of this investment is a testament to Loci’s uncompromising adherence to its core investment principles, which have allowed us to identify and execute on opportunities that outperform on a relative basis throughout market cycles.”

About Loci Capital
Loci Capital is a leading middle market private real estate investment firm based in Florida and focused on investments throughout the Southeastern United States. Loci’s senior leadership is experienced in the development, redevelopment, repositioning, and conversion of assets across all real estate sectors. Since its inception in 2019, the firm has invested more than US $250 million of equity in over $1.0bn worth of real estate on behalf of its investors throughout its target markets, including in the multifamily, hospitality, office, vacation rental, student housing and medical office sectors. For additional information, visit

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2023, Newmark generated revenues of approximately $2.5 billion. Newmark’s company-owned offices, together with its business partners, operated from approximately 170 offices with 7,400 professionals around the world. To learn more, visit or follow @newmark.

Casey Wilson
Loci Capital
+1 929-294-9403
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