Palm Harbor apartments sell for $89.6 million
By Breanne Williams
Tampa Bay Business Journal
Published: Oct 23, 2023

A Palm Harbor apartment community has been acquired by a private investment company in an approximately $89.61 million deal.

The deal closed on Oct. 18, according to a deed filed in Pinellas County. EPC Promecap Multifamily Partners V, an investment vehicle co-managed by Eagle Property Capital Investments and Promecap, acquired the 432-unit community at 1350 Seagate Drive, The Boot Ranch Apartments. The sales price breaks down to $207,451 per unit.

The entity secured a roughly $66.44 million mortgage with Berkadia Commercial Mortgage. Berkadia arranged financing through Fannie Mae, which provided a seven-year, fixed-rate loan.

EPC now owns and manages three properties in the Tampa Bay area.

“Tampa has proven to be an exceptional market for multifamily by achieving a cumulative rent growth of 34.2% over the past three years,” Rodrigo Conesa, managing principal at EPC, said in a release. “This remarkable performance positions the Tampa metro area as the second-best market in the country in terms of rent growth, which is why it remains a significant market for our investment strategy.”

The Boot Ranch Apartments were built in 1996. The community includes a mix of one- to four-bedroom units that range from 743 to 1,456 square feet. Amenities include a fitness center, a dog park, clubhouse, two swimming pools, grilling station, basketball and tennis courts, a playground and reserved boat and trailer parking.

The property is 13 miles from downtown Clearwater, 25 miles from downtown St. Petersburg and 21 miles from downtown Tampa. It is 25 minutes from the St. Pete-Clearwater International Airport and 30 minutes from Tampa International Airport.

“Tampa’s favorable market fundamentals are particularly noteworthy in submarkets like Palm Harbor, which has high barriers to entry and exceptional access to Tampa’s major employment markets, entertainment centers and the beach,” Fernando Pacheco, managing principal at Promecap, said in a release. “Our intention is to expand on the seller’s capital program at the property and continue to improve the property’s appeal to its residents.”