Northmarq’s Central Florida office completes sale of Enclave at Northwood in Clearwater, FL
TAMPA, Fla. (July 17, 2024) — Northmarq’s Tampa Investment Sales team of Luis Elorza, managing director, Justin Hofford, associate vice president, and Kevin Mosher, associate, arranged the sale of Enclave at Northwood, a 188-unit multifamily community. The garden-style property was built in 1985 and is located at 2690 Enterprise Rd in Clearwater, Florida. Northmarq represented the seller, 29th Street Capital, a privately held real estate investment firm based in Chicago. The buyer was SELA Realty Investments, a vertically integrated real estate investment manager based in New Jersey.
“Tampa MSA’s multifamily market continues to perform exceptionally well with strong demographic and employment trends,” said Elorza. “Investors continue to show strong interest in Central Florida, especially in submarkets such as Clearwater, which has high barriers to entry and exceptional access to Tampa’s major employment markets, entertainment centers and the beach.”
Enclave at Northwood was built in 1985 and features one- and two-story concrete block construction with attractive villa and townhome-style floorplans. Each unit features a 100% through-unit design and is equipped with a spacious screened in terrace or balcony. The property is located within the highly desirable Northwood neighborhood of Clearwater and is a short drive from Downtown Safety Harbor, Dunedin and the award-winning beaches of Pinellas County.
The beautifully designed low-density site is situated on 22.2 acres (8.5 units per acre) and is comprised of 45% one-bedroom, 53% two-bedroom and 2% three-bedroom units with an average unit size of 1,076 sq. ft. Enclave at Northwood’s high-end amenity package features two pools, a large fitness center, lighted tennis court and mature trees/landscaping throughout. Additionally, the multifamily property is located adjacent to the expansive Clearwater Enterprise public dog park. Unit interiors feature granite or formica countertops, stainless steel or black appliances, vaulted ceilings, screened lanais, fireplaces and private backyards in most units.
“SELA was attracted to this opportunity due to its highly infill location within the high-income residential Northwood neighborhood in Clearwater,” said Mosher. “New ownership plans to hold the asset long-term, benefitting from its strong tenant profile and unique construction-style, making it a desirable residential investment that checks all the buyer’s boxes.”
About 29th Street Capital
29th Street Capital is a fully integrated multifamily investment platform focused on value-add, core plus, preferred equity, development, student housing, single-family rentals and property technology. With over 500 employees and a presence in 23 major markets, the firm manages over 15,000+ units and have acquired over 150 properties. To learn more please visit https://www.29sc.com.
About SELA Realty Investments
SELA Realty Investments is a family-owned company specializing in investment and property management. With over 60 employees, the firms currently owners over 2,300 units in New Jersey and Florida, with an assortment of properties such as single family homes, senior housing, multifamily housing complexes, condos and offices. To learn more please visit https://sela-realty.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.
