The Estates at Countryside represents TruAmerica’s fifth investment in the Tampa-St. Petersburg MSA. The Property was completed in 1989 and consists of 320 apartments. The asset is situated near the intersection of Rt 580 and US 19, providing convenient access to top demand drivers throughout Pinellas County and the broader Tampa MSA. Nearby employment is concentrated in healthcare and financial services. There are three healthcare centers with over 1,000 total beds within a 7-mile radius of the Property, and the corporate headquarters of BayCare Health Systems is located 2.4 miles to the south. The location also provides easy access to the Gateway office market, home to Raymond James Financial (HQ), Jabil (HQ), Franklin Templeton, and Transamerica, and the Westshore Business district, the largest office market in the southeast with more than 97,000 employees.
The Seller purchased the asset in 2019 and completed nearly $3 million of capital projects including new roofs, exterior paint, sealcoat/stripe, clubhouse and fitness center renovations, and significant upgrades to the pool areas. Furthermore, nearly all the apartment interiors were upgraded by prior ownership, resulting in limited future capital needs at the Property. TruAmerica plans to renovate the remaining 15 apartments and add washer/dryer connections and machines to the remaining 20 apartments over the hold period. The structures consist of tunnel-form concrete construction, a rare feature in the market that leads to lower maintenance costs over time. The Property also benefits from assumable financing at an interest rate that is well below current rates in the market. The desirable location, attractive financing, and limited execution risk make the Estates at Countryside an ideal investment opportunity in the current environment.
• 2 Resort Style Pools
• Fitness Center, Fitness Studio and Indoor Basketball Court
• Clubhouse and Business Center
• Bark Park with Agility Equipment
• Tennis and Shuffleboard Courts
• Detached Garages