TruAmerica Pays $61M for Tampa Bay Property

The buyer backed the purchase of the 21-building community with a $40.1 million loan.
Gateway Lakes

TruAmerica Multifamily has acquired Gateway Lakes, a 329-unit community in suburban Pinellas Park, Fla., from Regis Properties. The asset traded in a $61 million deal, orchestrated by CBRE. According to Yardi Matrix data, the buyer backed the purchase with a $40.1 million loan, set to mature in 2031.

Previously called Plantation Gardens, the 21-building property sits on 18.4 acres at 5501 100th Ave., just off U.S. Route 19. Positioned roughly halfway between two major markets, the community is some 10 miles of both downtown St. Petersburg, Fla., and Clearwater, Fla.

Built in 2000, Gateway Lakes last traded in 2007, when it commanded $33 million. The one-, two- and three-bedroom property’s amenities include a spa, pool, tennis court, playground and a renovated fitness center.

CBRE’s Executive Vice Presidents Francesco Carriera and Michael Regan arranged the deal for both parties. According to Carriera, the Tampa Bay residential market has experienced consistent demand throughout 2020, due to such positive aspects, as the area’s affordability, high migration activity, and a weaker reliance on the industries that were heavily affected by the pandemic.

Last December, TruAmerica entered the Texas multifamily market with the $63.5 million purchase of a 408-unit property in Irving, Texas. Around the same time, the company also finalized the disposition of a six-property portfolio in suburban Seattle and Portland, Ore. The Blackstone Group paid $175 million for the 935-unit asset.