Michaelson Buys $10M Tampa Bay Community

The company purchased Forest Creek Apartments, a 104-unit property located in Largo, Fla., from Insula Capital.
Forest Creek Apartments

Michaelson Real Estate Group LLC has acquired Forest Creek Apartments, a 104-unit community in Largo, Fla., for $10 million. Insula Capital traded the property after three years of ownership.

Located at 13500 Rodgers Ave., Forest Creek is just off Freeway 19, around 15 miles from St. Petersburg and 18 miles from downtown Tampa. Additionally, the community is close to Clearwater Beach, Indian Rocks Beach and Treasure Island. Besides these, the Largo Mall is situated approximately 3 miles from the property.

Forest Creek was constructed in 1986 and comprises a mix of one- and two-bedroom units, featuring upgraded kitchens, ceramic tile flooring, closets, private balconies or porches and washers and dryers. Communal area amenities include:

  • pool
  • fitness center
  • grill and picnic area
  • bark park

“Michaelson has been a part of many multifamily sales in the Tampa Bay Area,” said Mike Moses, chief executive officer at Michaelson Real Estate Group, in prepared remarks. “This development is a great addition to our portfolio.”

In April, Michaelson Real Estate Group, in a joint venture with Creative Realty Partners, acquired the $21 million St. Moritz Apartments in Tampa, Fla.

Image courtesy of Yardi Matrix