Pinellas Park apartments sell in $100M+ deal
The Rowan Pointe Apartments in Pinellas Park have been scooped up in a $108.6 million transaction.
Birmingham-based LIV Development sold the 349-unit upscale apartments at 7950 Park Blvd. to an entity connected to The Praedium Group, a New York-based privately-held real estate investment firm.
The seller purchased the roughly 20-acre property in late 2020 for $9.2 million. Jacksonville-based general contractor LandSouth Construction LLC broke ground on the luxury residential project in the same year. Charlan Brock and Associates served as the architect for the project, which was originally named Arrovista on Park.
The four-story complex, also formerly known as the Livano Park Boulevard Apartments, was completed in 2022.
The Rowan Pointe Apartments.
It’s located near major employers such as Honeywell and the HCA Northside Hospital, as well as the Tyrone Square Mall and The Shoppes at Park Place.
The units range from one-, two- to three-bedroom layouts. There’s gated residential parking with private garages and electric vehicle charging stations.
The monthly rents for the units in the garden-style complex start at $2,020.
The amenities include a resort-style beach entry pool, a pavilion with hammocks, outdoor recreation spaces, a shared workspace, a clubhouse, a dog park and spa, and a 24-hour gym with a yoga training center.
The buyer assumed a $57 million mortgage from the Northwestern Mutual Life Insurance Company for the purchase.
The Praedium Group has invested over $12 billion of capital on behalf of its clients, according to the company’s website. It has offices in Florida with teams of real estate experts in development, leasing, asset management, law, finance and other sectors.
Other apartment complexes in the area have sold in significant deals.
Last year, The Addison Skyway Marina apartment complex, one of the most significant developments to take shape in the Skyway Marina District, sold in a $123.2 million deal to Colorado-based real estate management firm Treeline Partners.
Another transaction topping $100 million was when St. Petersburg-based multifamily real estate group Stoneweg US purchased the WaterView Echelon City Center apartments in Carillon.
Matthew Goodner
September 14, 2023at6:21 pm
Rising rents are to be expected. Now starts the phase of dramatically reducing the amenities such as the 24 hour gym.
What will be interesting to see is how this transaction affects the 100+ acre Wagon Wheel Flea Market site directly across the street?
Willie
September 14, 2023at7:41 am
Again let’s see how much rent will be investors buy property n people has to move, rent so high now!!!