Balfour Beatty Communities announced that it has expanded its Florida portfolio with the purchase of Providence at Zephyr Ridge located in the fast-growing Tampa submarket of Zephyrhills, FL. The Company acquired the property as part of a joint venture with Houston-based real estate firm, Apex One Investment Partners.
The community—which will be rebranded as Preserve at Zephyr Ridge—is comprised of 13 residential buildings that span more than 12 acres located at 35940 Inspiration Drive. A variety of retail, entertainment and restaurant options are easily accessible in the Zephyrhills area, in addition to major healthcare providers including the Florida Hospital System.
The property is comprised of 208-units in a variety of one-, two- and three-bedroom floor plans averaging 1,023 square feet. Apartment features that are offered include large walk-in closets, modern fixtures, master suites and fully-equipped kitchens. Several community amenities including a sparkling pool with outdoor kitchen and screened-in lanai, playground, fitness center and clubhouse with business center.
“This acquisition falls directly in-line with Balfour Beatty Communities’ strategy of acquiring high-quality assets in growing submarkets where we can add value through operational improvements and a targeted renovation plan,” said Michael Price, vice president of residential transactions for Balfour Beatty Communities. “We are excited to expand our Florida footprint into the Tampa market and look forward to delivering the world-class property management services and exceptional living experience that has become our hallmark.”
Balfour Beatty Communities will self-perform property management services and invest in a series of capital improvements at the property, including interior, exterior and amenity upgrades.