Ohio investor acquires Pinellas apartments for $64 million
By Breanne Williams
Tampa Bay Business Journal
Published: Nov 14, 2022

An Ohio-based real estate investment company has purchased Alta Belleair apartments in a $63.992 million deal.

The 256-unit apartment complex at 1632 Clearwater Largo Road was sold to an LLC linked to White Oak Partners, according to a Pinellas County deed. The sales price breaks down to approximately $249,972 per unit. The LLC linked to White Oak Partners also took out a $45 million mortgage with Truist Bank, according to public documents.

Alta Belleair features five four-story buildings. The complex opened this year and was developed by Pinellas Park-based Belleair Development Group. The apartments range from studio to three-bedroom floor plans.

Amenities include a saltwater pool, clubhouse, fitness center, game room, grilling area and yoga room.

White Oak Partners — which specializes in multifamily investments — was founded by Michael Menzer, who built and sold Paramount Financial Group. White Oak Partners' portfolio includes properties in Florida, Georgia, North Carolina, Tennessee, Texas and Colorado, according to its website.

White Oak Partners has made several investments in Tampa Bay over the years, including purchasing 930 Central Flats in the Edge district in St. Petersburg in 2020. It also invested in two suburban properties in Brandon with a total of 455 units.