Places This Week: Palm Harbor apartments sell for over $89M

A weekly roundup of local real estate deals.

Palm Habor apartment complex sells for nearly $90 million 

The 432-unit Boot Ranch Apartments complex in Palm Harbor has sold in an $89.619 million deal.

Chicago-based Providence Real Estate sold the property at 1350 Seagate Drive to Miami-based Eagle Property Capital (EPC), according to an Oct. 19 announcement from Providence. 

The 424,183-square-foot complex was originally acquired in a joint venture with a Fortune 500 company that is a global provider of risk management solutions. 

The property, developed in 1996, sits on 30 acres with 17 apartment buildings and a one-story clubhouse/leasing center. 

Providence acquired the site in 2019 and has since made extensive exterior and interior renovations.

The apartments range from one- to four-bedroom units. 

The community’s amenities include a pool, a 24-hour fitness center, a dog park, a laundry facility, and tennis and basketball courts. 

The new owner took out a roughly $66.45 million loan from Berkadia for the purchase. 

EPC’s portfolio includes the 304-unit Gateway on 4th Apartments in St. Petersburg. 

The group also owns the 183-unit Pelican Lake Apartments in Clearwater, an affordable housing project that entailed the redevelopment of two combined hotels. 

Madison Gateway lists 

The 314-unit luxury Madison Gateway apartment development in St. Petersburg is on the market. 

Commercial real estate firm Walker and Dunlop is listing the complex at 500 Trinity Lake North. The asking price was not publicly disclosed. 

Madison Gateway apartments in St. Petersburg. Facebook image.

The community, built in 1999 and owned by a Pennsylvania-based firm, has a 96% occupancy rate. 

The majority of the units are roughly 1,100 square feet. 

The amenities include a resort-style pool, a spa, a two-story fitness center, a dog park and garages for residents. 

Clearwater building sells

A Clearwater building designated for flexible uses has sold. 

Blast Ball LLC sold the 5,975-square-foot building at 3032 State Road 590 to Homebody Investments LLC in a $1.25 million deal. 

The building can function as a bowling alley, pool hall, skating rink and/or gym, according to the property appraiser’s website. 

The building at 3032 State Road 590, Clearwater. GoogleMaps.

The one-story vacant building was constructed in 1999. Although it’s designated to operate as an entertainment complex, a dry-cleaning business previously leased the space. 

The property is adjacent to the Humane Society of Pinellas’ new 14,000-square-foot  Sjouwerman Adoption Center, which is named after local cybersecurity firm KnowBe4 founder Stu Sjouwerman. 

Nearly 9-acre site hits the market

An 8.95-acre development site anchored by a retail shopping strip is on the market. 

The property at 3100 22nd Avenue N., owned by Washington, D.C.-based Shepherd Realty Capital, is located between Interstate I-275 and U.S. Highway 19 on the corner of 22nd Avenue and 32nd Street.

The existing tenants in the 70,000-plus-square-foot building include cellphone service provider Metro by T-Mobile, fitness center operator Studio Physique and wholesaler JB Factory Flooring. 

The property at 3100 22nd Avenue N., St. Petersburg. Image: JLL.

The tenants have month-to-month leases. 

According to the listing from commercial real estate firm JLL, a new owner can leverage the Live Local Act.

The newly enacted Live Local Act states that municipalities must authorize any multifamily and mixed-use developments in commercial, industrial or mixed zoning areas if 40% of the residential units are affordable for 30 years. Local leaders must also provide the highest allowable density in that area.

The St. Pete property could be re-rezoned and redeveloped into a 600-unit complex with required affordable housing, according to JLL.