Eagle Property Capital Investments (EPC) and joint-venture partner Promecap have acquired two extended-stay hotels that will be converted into apartments in the Tampa Bay, Florida, metro. EPC Promecap Multifamily Partners V purchased the 94-room TownePlace Suites by Marriott St. Petersburg Clearwater and the 88-room Residence Inn by Marriott St. Petersburg Clearwater, both less than 2 miles from the St. Pete-Clearwater International Airport.
EPC, a vertically integrated real estate investment manager with a portfolio of over 6,600 multifamily units, plans to consolidate, reposition, and rebrand the properties as Pelican Lake Apartments, providing 183 studio, one-, and two-bedroom apartments between 500 and 850 square feet as well as community amenities.
“This was an exciting and rare opportunity to expand our footprint in the Tampa market by taking two centrally located extended-stay hotels and transforming them into much-needed workforce housing,” said Rodrigo Conesa, EPC managing principal. “Negotiations for these two hotels began during the peak of the COVID-19 crisis, allowing us to negotiate an attractive price for two high-quality properties that are ideally suited for conversion to apartments.”
The combined properties, with the TownePlace Suites built in 1999 and the Residence Inn built in 1986, consist of 14 three-story buildings and 209 parking spaces. Approximately 70% of the hotel rooms will be converted into studios while the remainder will be transformed into one- and two-bedroom units. Both properties will offer a lake, a fitness center, a swimming pool, a business center, a clubhouse, a grilling area and outdoor kitchen, and a laundry facility.
According to EPC, future improvements will include the renovation of unit interiors, amenity and landscaping updates, and the installation of approximately 30 carports.
“Located at the nexus of West and South Tampa, both bustling corporate hubs surrounded by large employers and close to major transportation corridors, these properties offer renters an excellent location close to thousands of jobs, along with cultural/entertainment destinations and the beautiful Gulf Coast beaches,” added Fernando Pacheco, managing principal at Promecap, a leading private equity firm based in Mexico City.
