A Palm Harbor apartment complex sells in a large acquisition. A prominent hotel developer working with major flags purchases a Clearwater Beach hotel. Another major apartment acquisition takes place. A medical office next to St. Anthony’s Hospital in St. Pete is picked up. A film and media company purchases a warehouse to expand its studio spaces. The home of a former manager of the Rays hits the market. A home tied to actor John Travolta has a new owner.
Here’s this week’s roundup of local real estate deals:
Stillwater Palms apartment complex sells in nearly $67M deal
A large multifamily operator has purchased the 396-unit Stillwater Palms apartment complex in Palm Harbor.
Los Angeles-based multifamily investment firm TruAmerica Multifamily scooped up the property at 2350 Cypress Pond Road in a roughly $67 million deal.
The group took out a $58.8 million mortgage for the purchase. The group also made a separate transaction, purchasing 20 other units for $3.525 million
TruAmerica Multifamily is a major management firm that aspires to be the preeminent multifamily investor and operator in the United States. The group typically purchases Class B apartment complexes and renovates them.
The acquisition of the Stillwater Apartments represents the largest purchase from the group’s recent acquisitions that total $209 million.
The company’s portfolio of properties includes other complexes in Palm Harbor, such as the 292-unit Lakeview at Palm Harbor complex, which was acquired in late 2020, and the 262-unit Twin Lakes in North Palm Harbor, acquired in 2019.
Other nearby complexes include the 329-unit Aspire at Gateway in Pinellas Park, the 212-unit Bayou Point in Pinellas Park, and the 461-unit Four Lakes at Clearwater property.
Beachview Suites Hotel on Clearwater Beach sells for $27M
A Tennessee-based developer has acquired the Beachview Suites Hotel and its adjacent property on Clearwater Beach.
The two parcels were sold to the 3H Group in a $27 million deal.
The 3H Group is a prominent developer of hotels, retail, residential real estate and office space.
The five-story, 38,450-square-foot hotel has over 60 units and is located along the Clearwater waterfront promenade. The property is tucked between the popular Surf Style retail shop and the Crabby’s Bar and Grille restaurant.
The hotel isn’t the first Clearwater property in the group’s portfolio. The 3H Group also owns the 115-room SpringHill Suites/Residence Inn by Marriott Clearwater Beach at 309 Coronado Drive.
2nd Street Apartments are acquired
The Four Square Management group has acquired the 2nd Street Apartments building in a $4 million deal.
The three-story complex, located at 711 3rd Ave. S., was built in 1929. It is over 28,500 square feet and has 74 residential units.
The Fort Myers-based firm also took out a $6.5 million mortgage to purchase the complex, occupying several lots.
Large medical office by St. Anthony’s Hospital is sold
A roughly 14,000-square-foot medical office space by St. Anthony’s Hospital has sold for $2.3 million.
The Pennsylvania-based home buying group Fifth Avenue Property Group is the new owner of the property at 1401 5th Ave. N. located in the historic Uptown area.
The property was built in 1977 and appears to have been used as a residential property.
Fifth AVG typically purchases properties that are vacant and distressed.
Film and production company takes over ComDesign’s HQ
St. Pete-based Litewave Media, a production company known for working on local films, has purchased a warehouse that it will repurpose for additional and advanced studio space.
The group purchased an 11,412-square-foot office warehouse at 9850 16th St. N. in a $1.4 million deal and also took out a $1.12 million mortgage for the purchase.
The warehouse was the HQ for telecommunications cabling provider ComDesign.
The plan would be to construct three new studios in the warehouse in the next two months and have the fourth studio in the warehouse in 2022.
Home of the former manager of the Rays hits the market
Former Rays manager Joe Maddon is selling his Bayshore Boulevard home.
Maddon was hired to work for the Rays in 2006 as the manager for the team. Today, he is the manager of the Los Angeles Angels.
However, Maddon still has ties to Tampa. He is a partner of the South Tampa restaurant Ava. His charity group, the Respect 90 Foundation, continues to be based in Tampa.
He and his wife, Jaye, bought the 1917 home on 1001 Bayshore Boulevard in 2012 for $1.76 million.
The 5,403-square-foot Dutch Colonial home was previously the home of former Bucs coach John McKay.
The asking price is $3.9 million.
The main home features four bedrooms on the upper level, three full baths and a powder room.
The Maddons have completely renovated the home including installing a new roof and gutters, windows and HVAC systems (in the main house), updating the water filtration system and installing new electrical panels.
There is a guest suite above the detached three-car garage that features two bedrooms and one bath.
There is also a detached room described as a media room/music studio/theatre room with five TVs.
Outside of the main home, there’s an updated and resurfaced salt-filtration pool with an in-pool lounging deck, an outdoor kitchen and a propane-fueled gas firepit.
Home tied to actor John Travolta has a new owner
A Clearwater home tied to Hollywood actor John Travolta has sold.
The waterfront home at 1012 Osceola Ave. N., in the Old Clearwater Bay neighborhood, sold for $4 million, according to Pinellas County records.
The buyer was listed as Edward Fay, who is a local wealth management specialist. Fay took out a $3 million mortgage for the purchase.
Travolta has a long involvement with the Church of Scientology; the home is roughly a mile from Scientology’s international spiritual headquarters in downtown Clearwater.