Bayou Point represents TruAmerica’s third investment and fourth property in the Tampa-St. Petersburg-Clearwater MSA. Located in the affluent Bayou Club neighborhood of Pinellas Park, the property presents an opportunity for residents to make their home in an area with single family homes selling north of $400,000 and convenient access to major employment centers and some of the United States’ top ranked beaches. Bayou Point is located within the Gateway/Carillon Office Market, home to 60,000 employees and 8.7 million square feet of office space. The Carillon Office Park, located 15 minutes to the east, features major employers such as Raymond James Financial (4,200 employees), Franklin Templeton Investments, Transamerica, and Allstate.
TruAmerica plans to renovate the remaining classic homes, as well as make select, accretive upgrades to the partially renovated homes, exteriors, and amenity spaces.
Bayou Point is a 212-unit property built in 1988 that features a desirable low-density setting with 12.66 homes per acre. Anticipated apartment upgrades to the classic apartments include new stainless-steel appliances, stone countertops, white shaker cabinet fronts and pulls, vinyl flooring, tile backsplash, and upgraded plumbing and lighting fixtures. Anticipated apartment upgrades to the partially renovated units include painted cabinet fronts with new modern pulls, stone countertops, vinyl flooring, and stainless-steel appliances in select homes.