Twin Lakes 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 Palm Harbor submarket, which has seen no new development since 2004. Palm Harbor is surrounded by medical employers and contains highly-rated public school. 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.
Twin Lakes, a 262-unit property located in the Tampa-St. Petersburg-Clearwater MSA, was built in 1986. The property has unique architecture and a low-density setting, consisting of 28 two-story residential buildings over 26 acres. Twin Lakes features an attractive mix of one and two-bedroom homes with floor plans averaging 826 square feet. All of the homes have expansive walk-in closets, and washer/dryer connections.
Twin Lakes represents a true-value add opportunity. None of the apartment homes have been fully renovated, leaving room for accretive value-add upgrades to all of the apartment interiors. Interior upgrades will include stainless-steel appliances, white shaker cabinets, stone countertops, a tile backsplash, vinyl flooring, upgraded fixtures and hardware, and adding washer and dryer machines in remaining homes. 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, exterior paint, and a pressure wash will improve the curb appeal of Twin Lakes.
Twin Lakes provides great access to employment with over 150,000 jobs in a 20-minute drive of the Property. Lockheed Martin, Nielsen Media Research, and several medical centers are all within 15 minutes. There are two major shopping centers within five minutes of the asset, one anchored by Publix and the other by Whole Foods. These shopping centers also feature desirable retail and dining, such as CVS, Macy’s, Starbucks and Chipotle. Twin Lakes is within 10 minutes of several beaches and 20 minutes from the Tampa International Airport (TPA).