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Commercial Real Estate
Business Observer Friday, Jan. 11, 2019 8 months ago

Virginia firm buys Clearwater apartments for $78 million

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Grand Reserve purchase brings Florida portfolio to 11 properties
by: Kevin McQuaid Commercial Real Estate Editor

General Services Corp., a Richmond, Va.-based apartment owner and manager, has continued a push into Florida with the purchase of a 390-unit multifamily rental property in Clearwater, records show.

General Services spent $78 million late last month to buy the Grand Reserve at Palm Isle complex, in Pinellas County.

The acquisition brings to 11 the number of apartment communities that GSC now controls in the state, in Bradenton, Brandon, Clearwater, Largo, Sarasota and Tampa, according to its website.

In all, the company operates in five states: Virginia, Florida, Georgia, North Carolina and Nevada, according to its website.

In Florida, the bulk of its holdings are clustered in Bradenton, where it owns four communities, including the Cypress Winds apartments; the Harbour Pointe apartments; the Kendall Ridge apartments and the Sun Chase apartments.

In Clearwater, its other complex is the Aluna Largo community.

Jonathan Perel, General Services’ president, did not return telephone calls for comment on the Grand Reserve purchase.

The complex, at 101 Park Place Blvd., was completed in 1998. Units there rent from $1,290 per month to $1,960 monthly, according to Apartments.com.

 

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