A South Florida property manager has acquired a Largo apartment complex spanning 20 buildings and 36.2 acres for $57 million, adding another nine-figure-adjacent deal to a Pinellas County apartment market that keeps drawing outside investors. The buildings date to 1986 and 1987, placing the property among the area's older multifamily stock now changing hands as buyers hunt for value-add opportunities.
The sale was first reported by the Tampa Bay Business Journal, which covered the transaction as part of its commercial real estate section. The deal lands in a stretch of Largo along U.S. Highway 19 and nearby corridors that has become something of a proving ground for out-of-town capital chasing aging but well-located apartment stock.
Palomar Properties has added the Enclave on East apartments in Largo to its holdings, according to a January 2026 report. Palomar has 10 apartment communities.
Enclave on East Set for Renovations
The Enclave on East was built in 1986 and acquired with renovations planned. Whitestone's activity in the submarket showed up again when the firm purchased the 111-unit Central Park at East Bay property in Largo.
Price points across Largo's apartment market vary widely depending on size and age. The Boulevard, a 260-unit complex at 2098 Seminole Blvd., sold to Ohio-based investment firm the Connor Group for $76.7 million, according to the Tampa Bay Times. On the smaller end, Marcus & Millichap closed the sale of Breezy Palms, a 39-unit Largo complex, for $6,235,000, with a broker telling Yield PRO that the listing drew 19 offers from local, out-of-state and international investors.
A Bigger Pinellas Deal Still Looming
Largo's apartment market has also attracted larger institutional moves. Canadian real estate investment trust H&R REIT reached an $84.3 million agreement to buy out its investment partner in two Florida apartment developments, including the 271-unit Lantower Bayside complex on 8.4 acres at 16485 U.S. Highway 19 N. in Largo, according to Tampa Bay Business & Wealth.
Under that agreement, H&R subsidiaries will acquire the development trust's remaining 70.9% interest for an estimated $77.9 million after management fees and carried interest, the outlet reported. The transaction, which also covers the 330-unit Lantower Sunrise complex in Kissimmee for a combined portfolio of 601 apartments, is expected to close in the fourth quarter, subject to investor and shareholder approvals.
What the Broader Tampa Bay Market Looks Like
These Largo deals are unfolding against a Tampa multifamily market that has cooled from its post-pandemic peak but hasn't collapsed. Occupancy slipped only modestly to 94% through the first quarter of 2026, according to a Colliers market report. Effective rent growth, however, came in at negative 5.2% year over year over the same period.
New construction has also pulled back sharply. Completions declined by roughly 43.3% from the first quarter of 2025 to the first quarter of 2026, with just 9,236 units currently in progress across the Tampa market, per the same report. Colliers found that investors are increasingly targeting stabilized and value-add opportunities while staying selective about new development, a dynamic that helps explain why older Largo complexes built decades ago keep finding buyers willing to pay tens of millions of dollars for a renovation opportunity.
