From Hotel to Housing: Firm converts Clearwater Hotel into Much-Needed Apartment Homes
(L to R): Humberto Cubillos and Mariana Robina with Eagle Property Capital/Vidalta Property Management, and Pinellas Park Mayor Sandra Bradbury at the ribbon cutting ceremony at Pelican Lake Apartments
Vidalta Property Management, an affiliate of multifamily real estate investment firm Eagle Property Capital (EPC) celebrated the grand-opening of Pelican Lake Apartment Homes, a new apartment community in Clearwater, Fla.
“We are excited to be opening this multifamily community to help meet the overwhelming demand for rental housing that continues to surge in the Tampa area,” said Vidalta’s SVP of Asset Management, Humberto Cubillos. “We are looking to make a positive impact in this community by offering superior housing and customer service to our future residents.”
At the July 29 Open House, Pinellas Park Mayor Sandra Bradbury and other public officials participated in a ribbon cutting ceremony and discussed how this conversion addresses the housing needs of the City of Pinellas Park, and learned more about Pelican Lake Apartments, formerly the TownePlace Suites by Marriott.
“I am excited to celebrate the grand opening of Pelican Lake at a time when the need for rental housing for moderate-income families in Pinellas Park has never been greater,” said Mayor Sandra Bradbury, Mayor for the City of Pinellas Park, FL. “Projects such as these lend to the revitalization of our community, strengthening families and neighborhoods.”
Pelican Lake Apartments is the result of the transformation of the former TownePlace Suites by Marriott St. Petersburg Clearwater, which EPC acquired in April, along with the adjacent Residence Inn by Marriott. EPC is investing approximately $3.5 million in renovations involving the interiors and improve the overall amenities, including a state-of the-art fitness center, an outdoor gym and dog park. In addition, the community will feature a 4,200 square-foot of retail space available for leasing. The company is actively looking to partner with a local farmers market or bodega concept for the submarket.
Located at 13200 49th Street N, Clearwater, the two properties combined will offer a mix of 183 studio, one- and two-bedroom apartments ranging from 500 to 850 square feet, with rents starting at $1,250/month, along with a host of high-quality amenities in a sanctuary-like setting just 1.5 miles from St. Petersburg/Clearwater International Airport, and 25 minutes from both downtown Tampa and downtown Clearwater. In addition, Vidalta is also offering some completely furnished apartment homes. The property welcomed its first residents on August 1, 2022.
Photo caption: (L to R): Humberto Cubillos and Mariana Robina with Eagle Property Capital/Vidalta Property Management, and Pinellas Park Mayor Sandra Bradbury at the ribbon cutting ceremony at Pelican Lake Apartments.
About Eagle Property Capital Investments
Eagle Property Capital Investments is a vertically integrated real estate investment manager pursuing value–add investment strategies through the acquisition, reposition, and management of multifamily apartment properties in Florida and Texas. Since 2011, EPC and its affiliates have acquired 39 multifamily residential properties containing over 9,300 apartment units. To learn more about EPC, visit www.eaglepropertycapital.com
About Promecap
Founded by Fernando Chico Pardo in 1997, Promecap is an institutional private equity firm based in Mexico City. To date, Promecap directly and through its private equity platform has completed over 70 investments and has more than US$3.3 billion in assets under management. Promecap is composed of a diverse team of seasoned investors with strong track record in multiple asset classes including structured debt, distressed assets, preferred equity and common equity through both private and public
