Waterchase Apartments adds 278 units as residential real estate leader continues to focus on growth through value-add multifamily investments
National residential real estate investment and management company Balfour Beatty Communities, recently completed the acquisition of Waterchase Apartments in partnership with ApexOne Investment Partners. The 278-unit apartment community located in Largo, FL boosts Balfour Beatty’s Florida portfolio to more than 3,500 residential units state-wide.
Constructed in the 1980s, Waterchase is situated on 18 acres and offers studio, 1- and 2-bedroom apartment homes and a variety of amenities including three pools, a dog park, fitness center and newly renovated clubhouse. The community’s ideal Largo location offers close proximity to the area’s award-winning beaches, as well as the area’s prominent employers including the St. Pete-Clearwater International Airport, Bank of America and Largo Medical Center.
“Waterchase is an exciting addition to our Florida multifamily portfolio,” said Michael Price, senior vice president of residential transactions for Balfour Beatty Communities. “The Largo/Tampa area features many desirable rental demographics, including a thriving job market, and this property is ideally suited to our multifamily strategy targeted at investing in renovation and improved property management to increase value.”
Balfour Beatty Communities will deliver both property management and asset management services for the property.