The Praedium Group Acquires Rowan Pointe Apartments In Pinellas Park For $108.6M

The Rowan Pointe Apartments in Pinellas Park have been sold for $108.6 million. The buyer is The Praedium Group, a New York-based real estate investment firm. The seller is LIV Development. This upscale multifamily property sits on 20 acres of land and consists of 349 units. The sale price equates to approximately $311,175 per unit. The transaction took place on September 13, 2023.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $108,600,000
• Address: 7950 Park Boulevard, Pinellas Park
• Market: Pinellas Park
• Acres: 20
• Buyer: The Praedium Group - Russell Appel
• Seller: LIV Development - Robb Crumpton
• Units: 349
• Price Per Unit: $311,175

The Rowan Pointe Apartments, completed in 2022, offer a variety of layouts and amenities, including a beach entry pool. The buyer of the property, The Praedium Group, assumed a $57 million mortgage for the purchase. This transaction showcases the continued demand for upscale multifamily properties in Pinellas Park.