Development Team Closes on Sale of Market-Rate Apartments in Tarpon Springs
By 10-17-21
Tampa Bay Newswire
Published: Oct 17, 2021

TAMPA, FL (October 15, 2021)— DDA Development, in partnership with Backstreets Capital and Atlantic American Partners, have closed on the sale of Icaria on Pinellas, a 236-unit, Class A apartment complex and the largest development of this kind in Tarpon Springs, Florida. The project, which sold for $65,650,000, or $278,179 per unit, is located on 6.5 acres at 1185 South Pinellas Avenue, Tarpon Springs and offers a mix of one-, two- and three-bedroom units.

Located between the Winn-Dixie and Advent Hospital along Alternate 19, the property sits in a desirable location along the Pinellas Trail and less than a mile from historic downtown Tarpon. At the entrance to the apartments, inside of a public roadway roundabout, there is a sculpture by Cecilia Lueza which was commissioned by the development team.

DDA Development Principal Bowen Arnold remarked on the deal, “We opened Icaria during the middle of the pandemic and still were able to lease it up fully in just six months. That reflects the pent-up demand in this part of Pinellas County. We believe this project really raised the bar for quality multi-family in Tarpon.”

Walker & Dunlop served as brokers on the transaction.