The newly-built luxury Alta Gateway apartment complex in Pinellas Park sold to an Atlanta-based apartment developer.
Cortland, a vertically integrated multifamily real estate investment and management company, purchased the 285,000-square-foot apartment complex in a $78 million deal last week.
The four-story, 288-unit apartment complex at 9505 49th St. N. was built in 2020. The complex, now branded as “Cortland Gateway,” is surrounded by other apartments complexes and Mainlands Golf Course.
Cortland purchased the property owned by Alta Pinellas Parks Apartments LP under the entity name Forty Ninth FL Partners LLC. The company was interested in the site for multiple reasons including proximity to the Carillion and Gateway office parks, entertainment venues and the beaches, Kyle Bateh, Cortland’s director of investments in Florida, told the St. Pete Catalyst in a prepared statement.
“Cortland has been a longtime owner in and believer of Tampa, most recently targeting Pinellas County due to its population density, growth trends and convenient location. In addition, the major causeway infrastructure projects are further opening this market to cross-bay commuting, and providing solid and steady demand for all types of housing against a backdrop of very manageable supply,” Bateh said.
Another motivation for acquiring the site was the proximity to major employers such as Jabil Inc., the largest company headquartered in St. Petersburg, aerospace tech firm Lockheed Martin and manufacturer Halkey-Roberts Corporation.
In the last nine months, Cortland has acquired three communities – comprising 918 apartment homes – within the Central Pinellas/Clearwater trade area. Cortland plans to continue this strategy unless key factors necessitate a pivot, Bateh said.
Cortland manages and invests directly or indirectly in nearly 200 apartment communities comprised of more than 65,000 homes in the U.S. with regional offices in Charlotte, Dallas, Denver, Houston, Orlando and Tampa.