Minneapolis-based Timberland Partners Investments acquires apartment complex in Tampa Bay / St. Petersburg, Fla.
(Nov. 10, 2020) – Timberland Partners Investments is pleased to announce the acquisition of Isles of Gateway, a 212-unit apartment community in St. Petersburg, Fla. This is the company’s eighth acquisition in 2020 as part of Timberland Partners Apartment Fund VII (TPAF VII).
The Isles of Gateway features a mix of spacious one-, two-, and three-bedroom apartment floorplans spread across 11 buildings on 18 acres of tropical landscape. More than three-quarters of the units were recently updated with new vinyl flooring, countertops, appliances, backsplashes, and carpet, as well as tub and shower resurfacing. Each apartment has an in-unit washer and dryer, screened-in patio or balcony, and a storage closet.
The property amenities are thoughtfully designed to maximize each resident’s experience. They include a clubhouse, resort-style swimming pool and sun deck, gas grills and picnic areas, covered, cabana-style areas, jacuzzi tub, fitness center, tennis, volleyball and basketball courts, dog park and scenic lake views.
Isles of Gateway’s prime location connects residents to the St. Petersburg / Tampa Bay community. It is in the heart of the Gateway Area, near major highways and downtown Tampa Bay, in one of the fastest-growing metro areas in the U.S. The nearby Carillon Business Park is home to several large employers including Franklin Templeton Investments, Raymond James Financial and Jabil Circuit.
This is Timberland Partners’ sixth property acquisition in Florida. TPAF VII was launched in January 2020 to acquire and manage quality multifamily rental properties in the Midwest and Southeast markets of the United States.
“We are very excited to bring Isles of Gateway into our portfolio. The property is in an excellent location with proximity to major employers, and provides residents with convenient access to both downtown St. Petersburg and downtown Tampa. The Isles of Gateway is an excellent property and strategic investment opportunity,” said Mike Savides, Acquisitions & Finance Specialist with Timberland Partners. “The Tampa / St. Petersburg market has seen strong growth in recent years, and we anticipate that to continue. We have targeted the market as an area for future expansion of our portfolio. We look forward to bringing our industry-leading apartment management philosophy to the residents at Isles of Gateway and to bringing value to our investment partners.”
Minneapolis-based Timberland Partners owns and manages a portfolio of 80 communities in 15 states for a total of over 17,000 apartment units. It offers a boutique investment firm experience rooted in the values of integrity, transparency and honesty. To learn more visit www.TimberlandPartnersInvestments.com.
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