Northmarq arranges sale of The Boulevard, a premier multifamily garden-style community in Central Pinellas, Florida

TAMPA, FLORIDA (January 23, 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 Boulevard. The seller was RangeWater Real Estate, a full-service real estate firm with over $6.6 billion in transaction volume across the Sun Belt and Mountain West regions. The buyer was The Connor Group, a national owner and operator of luxury apartment complexes with over $3.7 billion in assets.

Constructed in 2016 and totaling 260 units, The Boulevard is located at 2098 Seminole Boulevard, in Largo, Florida. The property’s unit mix consists of 30 percent one-bedroom, 53 percent two-bedroom and 17 percent three-bedroom units with a larger-than-typical average unit size of 1,106 sq. ft. 

Located in the heart of Central Pinellas, The Boulevard is well located with excellent connectivity to all parts of the county via Seminole Boulevard and Ulmerton Road. The property’s superb connectivity allows residents impeccable access to employment sectors such as Downtown Clearwater (over 3 million sq. ft. of office space), Gateway Office Park (over 60,000 employees), Downtown St. Petersburg (over 4 million sq. ft. of office space), Westshore Business District (over 102,000 jobs), Downtown Tampa (over 71,000 jobs) and MacDill Air Force Base (over 14,500 jobs). Also located a short drive from the property are the white-sand beaches of the Gulf of Mexico, which residents can reach in around 10 minutes.

“New ownership had the rare opportunity to acquire a newer asset in infill Central Pinellas. With its dynamic location, residents are offered the best of both worlds: a “beach lifestyle” that is still close to Tampa’s major employment centers," said Elorza. "The infill location and its high barriers to entry will also keep future supply constrained within the area for the foreseeable future."

The Boulevard offers residents quality interior finishes with an exceptional amenity package. All units are equipped with granite countertops, stainless steel appliances (in select units), glass-tile backsplash and vinyl plank flooring in kitchen, dining and bathroom areas. The amenity package includes a resort-style pool with an expansive deck and outdoor fireplace, outdoor bar with state-of-the-art grills, as well as a screened in gazebo with billiards, TV, wet bar and fireplace. The clubhouse is home to an indoor SwimSpa resistance pool, 24/7 Luxor One package room coffee bar, business center, theatre room and exercise hub with FitnessOnDemand.

 “The buyer will be able to implement a renovation program that will provide ownership the ability to increase revenue while offering residents a living experience that will be unmatched in the immediate area,” said Hofford.

There continues to be investment in the infrastructure throughout the Tampa Bay MSA, particularly as it connects major thoroughfares to Central Pinellas. The Gateway Expressway Expansion ($595 million project) and Howard Frankland Bridge Expansion ($865.4 million project) are two developments that will increase access throughout the MSA and alleviate traffic congestion for commuters. Additionally, the recently completed Selmon Extension ($230 million project) has already reduced intersection traffic signal wait times and created at least 35% greater capacity on Gandy Boulevard for local traffic. With these major capital projects underway in the region, Central Pinellas will continue to thrive and attract strong investor demand.