Lakeview at Palm Harbor represents TruAmerica’s sixth investment in Pinellas County, bringing TruAmerica’s portfolio in the Tampa MSA to 1,739 apartments. The Property is located in the affluent Palm Harbor submarket and benefits from A-rated public schools and direct water frontage on Lake St. George. Notable employers located nearby include Mease Countryside Hospital (257 beds), Nielsen Media Research, and Lockheed Martin. There are also several world-renowned beaches within minutes of the Property, including Honeymoon Island, Caladesi Island, and Clearwater Beach.
TruAmerica plans to fully renovate the remaining 261 classic and partially renovated homes and make select, accretive upgrades to the exteriors and amenity spaces.
The 292-unit property was built in 1984 and features desirable two-story construction in a low-density park-like setting with direct water frontage on Lake St. George. All homes include in-unit washer and dryer machines, and most floorplans include sunrooms. While current ownership has fully renovated 31 apartments, the remaining 261 homes are ideal candidates for value-add improvements. Upgrades to the apartment interiors in the remaining classic and partially renovated homes will include microwaves, vinyl flooring, quartz countertops, new white-shaker cabinet fronts and pulls, tile backsplash, and upgraded plumbing and lighting fixtures.
Potential amenity enhancements and upgrades include exterior paint, signage improvements, and adding new furnishings and an outdoor kitchen at the pool as well as improving the landscaping around the property.