Frontier Group of Cos. Pays $33M for Tampa-Area Asset

Frontier Group of Cos. has paid $32.6 million for 1100 Apex, a 134-unit luxury property in Clearwater, Fla., according to Yardi Matrix data. GSP Development sold the asset.

The community came online in 2020 through the office-to-residential conversion of a 1972-built workplace property, which had been vacant since 2009 until it was repositioned. GSP purchased the building in 2017, and, according to the data provider, it secured a $22 million construction loan that same year.

Carrying the address 1100 Cleveland St., 1100 Apex is more than 1 mile from Clearwater Harbor, as well as about 22 miles from the downtown areas of Tampa, Fla., and St. Petersburg, Fla. Several lakes and parks can be found within walking distance.

Rising 15 stories, the community comprises one- to three-bedroom floorplans averaging 1,085 square feet. Units feature keyless entries, granite and quartz countertops, while the common-area amenities consist of a gym, conference room, lounge area, as well as a dog park, among others.

More Tampa units sell, but for less

Greater Tampa witnessed the sale of 17 assets of 50 or more units each during the first half of 2025, Yardi Matrix data shows. Approximately 5,380 units changed hands for a total multifamily transaction volume of more than $836 million, or about $194,900 per unit.

The sale of Harper Grove, a 264-unit property in Davenport, Fla., was among the sold assets. A joint venture between Beacon Real Estate Group and a fund managed by Eagle Property Capital Investments and Promecap paid $58.1 million for the community.

Fewer apartments traded during the same period of 2024; however, they fetched a higher price. Investors purchased some 4,970 units in the first half of last year for a total of nearly $1.1 billion, a figure 29.2 percent above the current one, the data provider shows.