Stillwater Palms, represents TruAmerica’s eighth investment in Pinellas County, expanding TruAmerica’s portfolio in the Tampa MSA to 2,900 apartments. The property is in the Palm Harbor/Tarpon Springs submarket, west of Tampa, and benefits from a strong central location with access to US 19. The location provides access to all major employment centers within the Tampa MSA, including Palm Harbor, the Westshore Business District, the I-75 Corridor, and Tampa International Airport. These employment centers are home to employers from diverse and expanding industries including Florida Hospital North Pinellas, BayCare Health Systems, St. Petersburg College – Tarpon Springs Campus, FreightCenter, and Nationwide Title Clearing.
TruAmerica plans to fully renovate 273 of the 396 homes (69%), elevating the finish levels by adding vinyl plank flooring, tile backsplash, painting unit interiors, cutting down the countertop, updating cabinetry, and adding quartz countertops with an undermount sink. Furthermore, TruAmerica will install washers and dryer connections as well as appliances in the remaining 48 units without connections. TruAmerica will also make select upgrades to the remaining 123 previously renovated homes.
The property was built in 1985 and has been well-maintained, allowing most of the capital to be invested into accretive improvements to the apartment interiors. Amenity enhancements and upgrades include renovating the clubhouse, refreshing the fitness center, adding new furnishings at the two pools, painting building exteriors, and improving the landscaping around the property.