New Jersey-based private equity firm acquires Tarpon Springs apartments for $41 million
By Breanne Williams
Tampa Bay Business Journal
Published: Apr 6, 2022

A New Jersey-based private equity firm has acquired a Tarpon Springs apartment complex for $41.569 million.

OK Riverside LLC, which is linked to the Portopiccolo Group based in Englewood Cliffs, closed on the 304-unit Riverside Apartments on March 30, according to a Pinellas County deed. The apartments, located at 1589 Starlight Cove, have units ranging from one to four bedrooms with a ground-floor, private entrance. The complex was built in 2001.

The purchase price breaks down to $136,740 per apartment.

Amenities like a resort-style pool, cardio and fitness studio, business center, clubhouse and playground are on site. The apartments were built in 2001 and are just under two miles away from the Tarpon Springs Sponge Docks. The apartment lies near the intersection of US Hwy. 19 N. and Beckett Way.

The Portopiccolo Group has recently made other investments including acquiring two affordable housing apartment complexes in Delaware in the cities of Wilmington and Bear for $26 million total in February.

In January, the group bought four assisted living facilities from Bon Secours Mercy Health. The Portopiccolo Group has purchased more than 70 assisted living facilities, according to The Washington Post.