Tampa Bay Community Trades for $32M

Balfour Beatty Communities has acquired the 278-unit property as part of a joint venture. The company’s Florida portfolio has increased to more than 3,500 residences.
Waterchase Apartments
Waterchase Apartments. Image courtesy of Yardi Matrix

A partnership between Balfour Beatty Communities and ApexOne Investment Partners has acquired Waterchase Apartments, a 278-unit community in Largo, Fla. Redwood Capital Group has sold the property for $32.3 million, according to Yardi Matrix data. The transaction included a $23.4 million Freddie Mac loan originated by Newmark Knight Frank, due to mature in 2029. This purchase expands Balfour Beatty’s Florida portfolio to 12 communities totaling more than 3,500 units.

Located at 401 Rosery Road N.E., the property is just 1.7 miles north of downtown Largo, close to U.S. Route 19 and Interstate 275, with St. Pete–Clearwater International Airport within a 13-minute drive. Residents have easy access to the area’s beaches, parks and sporting venues, as well as prominent local employers such as Bank of America and Largo Medical Center.

Constructed in the 1980s on 18 acres, Waterchase Apartments consists of 19 buildings offering studios, one- and two-bedroom units with floorplans ranging from 600 to 1,100 square feet. Common-area amenities include three pools, a dog park, fitness center and a newly renovated clubhouse.

According to Balfour Beatty Communities, the Tampa Bay Area asset suits their multifamily strategy based on adding value through property renovation and improvement.  In January, the company purchased a 306-unit community in Memphis, Tenn., the first foray in this city’s residential market.