American Landmark Picks Up 295 Units in Tampa
The company now owns 22 properties in the Sunshine State.
American Landmark has purchased Tortuga Pointe, a 295-unit multifamily property in St. Petersburg, Fla., and rebranded it as Tortuga Bayside. The RMR Group previously owned the three-building community, according to Yardi Matrix.
This is American Landmark’s eight acquisition in the past three months, bringing the company’s Florida footprint to 22 properties. The purchase is in line with the firm’s focus on acquiring and renovating multifamily assets across the Sun Belt.
The company’s most recent investment vehicle is American Landmark Fund V, established in 2025. The firm secured $400 million in initial capital commitments for it in January, aiming to raise up to $1 billion.
Tortuga Bayside, up close
Tortuga Bayside occupies a 13-acre site at 10475 Gandy Blvd. N. The community is close to State Road 687, which connects it to Interstate 275, and 6 miles from the city’s international airport. Downtown St. Petersburg is 9 miles away, while downtown Tampa, Fla., is within 16 miles from the property.
Built in 2010, the gated community includes four-story buildings with studio and one- to three-bedroom layouts averaging 989 square feet. Interiors feature spacious closets, nine-foot ceilings, in-unit washers and dryers, kitchens with islands and private patios or balconies.
Common-area amenities include a swimming pool with cabanas, fitness center, spa center, business center, lounge area and courtyard with grilling spaces. The property also has some 660 parking spots.
Tampa’s strong multifamily investment scene
Tampa’s multifamily transaction activity remained strong in the second quarter of this year, according to a Cushman & Wakefield report. Assets changed hands for nearly $218,000 per unit on average, up 3.9 percent year-over-year.
In one of the largest deals of the quarter, Providence Real Estate acquired The Preserve at Tampa Palms, a 378-unit property in Tampa, for $67.5 million or roughly $178,000 per unit. Inland Private Capital Corp. sold the 2002-built community in June.
