- July 31, 2020
A Virginia-based apartment investment firm has acquired the Allure at Gateway multifamily complex in Pinellas Park for $66 million, a little more than a year after the community opened.
General Services Corp., of Richmond, Va., has been one of the most active buyers of apartments along the Gulf Coast in recent years. In all, General Services has invested more than $500 million to purchase more than a dozen communities in Tampa, Clearwater, Sarasota and elsewhere, according to its website.
The 274-unit Allure at Gateway debuted in August 2019, one of six multifamily rental projects containing 1,700 units that developer NRP Group had underway at the time, along with projects in Bradenton, St. Petersburg, Fort Myers and in Pasco County.
NRP Group acquired the 12-acre tract to build Allure at Gateway, at 8851 U.S. Highway 19, for $5.7 million in March 2018, according to Pinellas County property records.
The four-story complex, developed at a cost of $48 million, features amenities such as a community kitchen, resort-style swimming pool, fitness center, outdoor grilling areas and fire pit and a package concierge.
Rents in Allure at Gateway range from $1,290 monthly to $2,820 monthly, according to Apartments.com.
General Services, which could not be reached for comment, knows the Pinellas County rental market well.
Roughly one year ago, General Services bought the 330-unit Courtney at Bay Pines complex, also in St. Petersburg, for $85.14 million, property records indicate.
And late in 2018, General Services invested $78 million to purchase the 390-unit Grand Reserve at Park Isle, in Clearwater.