Investment Information: PSREG acquired an extremely rare 31 acres located directly on Tampa Bay that was home to a former assisted living facility in partnership with a repeat capital investment firm.
Overview: Solaris Key opened in 2015 and provided one-of-a-kind amenities including a private beach with volleyball court, waterfront pool and clubhouse featuring an oversized fitness center with a separate CrossFit and yoga studio, bocce ball courtyard, gas fire pits, as well as a fenced dog park. Units feature three designer-finish packages, granite and quartz countertops, stainless steel appliances, and vinyl wood-plank flooring.
Strategy: Capitalize on the exceptional opportunity to develop three and four-story garden-style apartments with water access and views of Tampa Bay.
The Work: Redevelopment began with the demolition of a 7-story tower and over 60 cottage homes that were a part of the former assisted living facility. Careful planning and consideration was given to preserve as much of the beautiful, natural landscape of the property, including the 100+ year-old live-oak trees. The 426-unit property successfully captured the fun, beachy elements of Key West design, while still maintaining sophistication and the modern elements demanded by today’s renter.
Results: Solaris Key experienced incredible success during lease-up by securing an average of 37 new leases-per-month while growing rents by 11%. This, coupled with the irreplaceable waterfront location, resulted in a record-breaking sale price when the property sold in 2016. It is still currently managed by Matrix Residential.