Waterchase Apartments is a 278-unit Class B community located in Largo, Florida. The property was developed in multiple phases from 1969 – 1989 within an infill location where new construction has been virtually non-existent since 2006. The site places residents within five minutes of the Pinellas beaches and near numerous shopping and dining venues.
Waterchase is 5-20 minutes from several of Tampa's premier employment centers, including Clearwater Business District, Gateway Office Market, St. Pete-Clearwater Airport, Westshore Business District Tampa International Airport. These five locations are home to over 200,000 jobs, with McDill Airforce Base providing 17,000 more jobs, only 35 minutes from the property. The Largo Medical Center/Morton Plant Hospital/Mease Dunedin Hospital complex is less than 15-minutes from the property and provides 1255 beds. Residents can walk to several major retail outlets, including Walmart, ALDI, and LA Fitness – Publix Supermarket is 1.5 miles from the site.
Construction of Waterchase began in 1969 and was completed in four phases finishing in 1989. The property consists of two-story concrete block construction with three swimming pools, multiple clubhouses, replaced roofs, a business center, and a dog park. Interior apartment homes range from 600 square foot studio units to 1340 square foot two-bedroom plans. 64% of the apartments offer screened-in patios and lanais – 12% enjoy 20' vaulted ceilings. Additional community features include a BBQ picnic area, fitness facility, eight laundry facilities, access gates, a pet playground, bike racks, package receiving area, and a recycling center. Unit features include solid surface flooring, ceiling fans, window coverings, electronic thermostat, modern appliance package, cable television, and some in-unit washers/dryers.
ApexOne Multifamily Fund III, LP, purchased Waterchase and will hold long-term to capture growth and appreciation. Balfour Beatty Communities assumed on-site management at closing.