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Carillon Bay

304-Unit Multifamily Property | St. Petersburg, FL

15.11

Land Acreage

304

Total Units

2.5x+

Target Equity Multiple

20%+

Target IRR

This 304-unit community offers strong value-add potential with rents well below market and the ability to add in-unit washer/dryer connections. Amenities like two pools, a 24-hour fitness center, outdoor grills, fire pits, and a clubhouse enhance tenant appeal and position the asset for rent growth.

Investment Highlights

Proximity to Jobs

Proximity to Jobs

Located near major employment hubs with 230,000 jobs within 15 minutes of the property.

Strong Demographics

Strong Demographics

High household annual income of $85,000+ support rental demand and stable tenancy.

Track Record

Track Record

Sponsor, through previous affiliated entities, has extraordinary deal success and manages thousands of apartments in in Florida.

Ideally located along the highly trafficked 4th Street North, Carillon Bay provides excellent connectivity to Downtown St. Petersburg, Downtown Tampa, and two major airports. Surrounded by employment hubs and bolstered by robust market fundamentals, we believe the asset is well-positioned for growth. It is shielded from new supply, with minimal development in the coming cycle.

Business Plan

Value-Add Interior Renovations

Value-Add Interior Renovations

Upgrade with modern finishes, including washer/dryer connections, new fixtures, stainless steel appliances, and updated flooring, positioning the property as an attractive, cost-effective option in a high-end market.

Operational Improvements

Operational Improvements

Boost performance with revenue management, proactive maintenance, and amenity upgrades to maximize value. Submarket positioning to stay below comps while making strategic improvements.

Exit

Exit

Following completion of the business plan and with enhanced operations, exit can be to a private equity firm, high net worth group, or major developer in an economic upcycle with improved capital market sentiment.

The Sponsor

15+ yrs

Invested in RE

20%+

Average Net IRR

~19,000

Apartments Managed

17,000+

Acquired Units

$2B+

AUM

Rex’s investment philosophy centers on acquiring well-located assets with durable yield, conservative leverage, and operational advantage—guided by independent, sometimes contrarian, judgment to generate long-term net returns. The team is fanatically focused on investors, driven by a mission to catalyze human flourishing through stewardship.

Rex affiliated companies have 500+ employees, specializing in property management, leasing, asset management, due diligence services, and construction. Our management company consistently beats the market on property performance and has a wealth of local knowledge and helpful relationships.

Property Management

~19,000 apartments under management. Consistently beating the market on property performance and has a wealth of local knowledge and helpful relationships.

Real Estate Private Equity

Over $500M in equity investments, acquiring 17,000+ apartment units with 96 asset purchases totaling over $2B in AUM

Tech Ventures

Technology companies focused on real estate and adjacent sectors—helping owners, managers, and small businesses streamline payments, procure insurance, automate processes, and more.

Carillon Bay pool with a sunset backdrop

Contact Us

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Investor Relations

512-222-8964ir@rex.com