Balfour Beatty Communities and its joint venture partner, Apex One Investment Partners, purchased the Providence at Zephyr Ridge apartment complex. The price of the deal was not disclosed. Located in the Tampa submarket of Zephyrhills, the new owners intend to rebrand the property to Preserve at Zephyr Ridge. Encompassing three residential buildings on a 12-acre site, the property features 208 units averaging 1,023 sq ft. Community amenities include a pool with an outdoor kitchen as well as a playground, fitness center and clubhouse with a business center. Balfour Beatty Communities will oversee property management services and invest in a series of capital improvements at the property, including interior, exterior and amenity upgrades. With this purchase, Balfour Beatty Communities’ Florida holding now totals 4,338 units.
“This acquisition falls directly in-line with Balfour Beatty Communities’ strategy of acquiring high-quality assets in growing submarkets where we can add value through operational improvements and a targeted renovation plan,” said Michael Price, vice president of residential transactions at Balfour Beatty Communities. “We are excited to expand our Florida footprint into the Tampa market and look forward to delivering the world-class property management services and exceptional living experience that has become our hallmark.”
