Four Lakes at Clearwater (f/k/a Liv @ Clearwater and Reserve at Clearwater) represents TruAmerica’s first acquisition in the Tampa-St. Petersburg-Clearwater MSA. The MSA exhibits very strong economic and multifamily fundamentals as average annual job growth continues to exceed the national average, driving increases in market rents. Current ownership has proven a successful value-add strategy by renovating select homes. TruAmerica plans to build upon the existing strategy by renovating the remaining apartment homes and making accretive improvements to amenities and common areas, providing an opportunity to achieve strong renovating premiums.
Four Lakes at Clearwater is a 461-unit property located in Clearwater, FL within the Tampa-St. Petersburg-Clearwater MSA. The Property was built in 1985 and consists of 44 concrete block two-story residential buildings on 36 acres, providing an attractive low-density setting. The asset features an attractive unit mix of studio, one, and two-bedroom homes with floor plans averaging 806 square feet. The apartments feature full-size washers and dryers, ceiling fans, walk-in closets, a breakfast bar, and balconies or patios.
Four Lakes at Clearwater is conveniently situated near US 19, the major north-south thoroughfare in Clearwater, providing residents with access to desirable employment centers, retail destinations, and top-rated beaches throughout Clearwater and St. Petersburg. The Property 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 10 minutes to the east, features major employers such as Raymond James Financial (4,200 employees), Franklin Templeton Investments, Transamerica, and Allstate. A Publix-anchored shopping center is located just five minutes north of the Property and features an attractive mix of necessity retailers and fast-casual restaurants, including Chipotle Mexican Grill. Clearwater-St. Petersburg is also home to two of America’s top ten beaches, as the #3 St. Pete Beach and #4 Clearwater Beach drive tourism in the area with Pinellas County attracting 6.3 million visitors in 2016.