Northmarq’s Central Florida office completes sale of The Boot Ranch in Palm Harbor
TAMPA, Fla. (Oct. 19, 2023) — Northmarq’s Tampa Investment sales team of Luis Elorza, managing director, Justin Hofford, associate vice president, and Kevin Mosher, associate, arranged the sale of The Boot Ranch, a 432-unit multifamily community. The three-story, garden-style property was built in 1996 and is located at 1350 Seagate Dr. in Palm Harbor. Northmarq represented the seller, Providence Real Estate, a multifamily owner-operator based in Chicago. The buyer was Eagle Property Capital, a vertically integrated real estate investment manager based in Miami and Mexico City.
“Tampa MSA’s multifamily market continues to perform exceptionally well with strong demographic and employment trends,” said Elorza. “These favorable market fundamentals are particularly noteworthy in submarkets like Palm Harbor, which has high barriers to entry and exceptional access to Tampa’s major employment markets, entertainment centers and the beach. Eagle will expand on Providence’s well-conceived capital program at the property and continue to improve the property’s appeal to its residents.”
The Boot Ranch apartments features 17 residential buildings, 13 garage and storage buildings, six carports and a clubhouse with leasing office. Situated on 30.3 acres, the multifamily community offers one-, two-, three- and four-bedroom apartment homes with an average unit size of 1,021 sq. ft.
Apartment amenities include wood-inspired flooring, spacious walk-in closets, LED light fixtures, screened patio/balcony, private outdoor storage, modern energy efficient appliances, white quartz countertops, modern finishes and in-unit washer/dryer. Community amenities include: Resort-inspired pools with sundeck, 24-hour gym, outdoor grilling station, tennis court, basketball court, playground, auto detailing center, private off-leash dog park, rentable detached garages, reserved boat and trailer and 24-hour emergency maintenance.
View available multifamily properties here.
About Providence Real Estate
Providence and its affiliates have been an active owner-operator of multifamily residential communities since 1985. Providence consists of an experienced group of professionals dedicated to searching for, identifying, acquiring, renovating and operating multifamily properties in select U.S. markets. Providence is a fully integrated real estate organization with property, asset and construction management, as well as acquisitions, accounting, information technology and human resource divisions. To learn more please visit https://www.provre.com.
About Eagle Property Capital Investments
Eagle Property Capital Investments is a vertically integrated real estate investment manager pursuing value-add investment strategies through the acquisition, reposition, and management of multifamily apartment properties in Florida and Texas. Since 2011, EPC and its affiliates have acquired 41 multifamily residential properties containing over 10,123 apartment units. To learn more about EPC, visit http://www.eaglepropertycapital.com.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
