Runaway Bay was acquired as part of a two-property portfolio that represents TruAmerica’s second investment in the Tampa-St. Petersburg-Clearwater MSA. The property benefits from an excellent location in the high barrier-to-entry Pinellas Park submarket. Multifamily fundamentals in the broader Tampa MSA remain strong with occupancy rates near 96% and rent growth over 5% year over year. The already thriving Tampa metro area is only continuing to grow its economy, adding nearly 40,000 jobs per year and experiencing a 51% increase in high wage job growth. These strong economic indicators combined with the rare opportunity to renovate all of the apartment homes provide an excellent value-add opportunity.
Runaway Bay, a lake-side 192-unit property located in the Tampa-St. Petersburg-Clearwater MSA, was built in 1984. The property consists of 16 two-story residential buildings over 14 acres, providing a desirable low-density setting. Runaway Bay features an attractive mix of one and two-bedroom homes with floor plans averaging 862 square feet. All of the homes feature washers and dryers and expansive walk-in closets.
Runaway Bay represents a true-value add opportunity. None of the apartments have been fully renovated, leaving room for accretive value-add upgrades to all of the apartment interiors. The apartment upgrades will include stainless-steel appliances, vinyl flooring, new laminate countertops, white shaker cabinets, and updated fixtures and hardware. The asset will also benefit from select exterior and common area upgrades, including a light refresh of the clubhouse and new fitness equipment. New landscaping, new signage, and an exterior pressure wash will improve the curb appeal of Runaway Bay.
Runaway Bay provides great access to employment with over 200,000 jobs in a 20-minute drive of the Property. There are two major shopping centers within fifteen minutes of the asset, one anchored by Publix and the other by a Publix and a Whole Foods. These shopping centers also feature desirable retail and dining, including Target, Home Depot and Starbucks. Runaway Bay is within 15 minutes of some of the top beaches in America, including Clearwater Beach and St. Pete Beach, and within 20 minutes of two international airports, Tampa International Airport (TPA) and St. Pete – Clearwater International Airport (PIE).