ADDRESS | PURCHASE DATE | SALE DATE | AVG. RENT AT PURCHASE |
|---|---|---|---|
301 Seacrest Dr, Largo | 10/2025 | 10/2030 EST. | $1,556 |
AVG. RENT AT SALE | RENT INCREASE | NOI | IRR REALIZED |
|---|---|---|---|
$1,895 | 22% | N/A | N/A |
Past performance and statements regarding earnings are no guarantee of future results.
At a glance
301 Seacrest Dr, Largo | |
|---|---|
Purchase Date | 10/2025 |
Sale Date | 10/2030 EST. |
Avg. rent at purchase | $1,556 |
Avg. rent at sale | $1,895 |
Rent increase | 22% |
NOI | N/A |
IRR realized | N/A |
One bedroom floor plan
Two bedroom floor plan
Two bedroom 3D Tour
Original kitchen vs. refurbished
Why we invested
In a market increasingly driven by buzzwords like mixed-use, co-living, ESG or tech clusters, Central Park at East Bay represents something different: A quietly performing asset with predictable returns. As even the seller admitted, “Central Park” is no showpiece and no prestige asset. It is not new construction, and it carries no speculative risk – but it delivers from day one and still leaves room for improvement. It stands for a renaissance of reason in real-estate investment – and that is exactly what convinced us.
Location and Connectivity
The property is located in Largo, at the heart of Pinellas County – one of the most active submarkets in the Tampa Bay Area. Within twenty minutes, residents can reach three major employment centers: the Gateway Business District, Tampa’s Westshore Offices and Downtown St. Petersburg. Two international airports are equally accessible, as are some of the region’s largest employers – including Raymond James Financial, Jabil, Honeywell, Progressive Insurance and Johns Hopkins All Children’s Hospital. Centrally located yet quiet, the property sits among residential neighborhoods, schools and everyday retail along East Bay Drive.
Market Context
This location creates stability: it combines quality of life with economic proximity. In a region where population continues to grow while new construction has slowed, demand is driven not by speculation but by real fundamentals – and Central Park at East Bay benefits directly from that dynamic.
Property Overview
The community comprises 111 units across ten two-story buildings, totaling approximately 110,800 square feet (10,300 m²) on a 7.47-acre (3-hectare / 30,000 m²) site. Built in 1973, the structures feature concrete ground floors with wood-frame upper levels. The average unit size is around 1,020 square feet (95 m²); roughly two-thirds of the apartments offer two bedrooms, one bathroom and a separate guest WC, while the remainder comprise one bedroom and one bathroom. Amenities include a clubhouse with fitness center, swimming pool, dog park and playground. The property provides surface parking only, with a portion of spaces reserved for residents.
Tenant Profile and Performance
The asset targets a clearly defined segment: tenants who value stability and affordability. Apartments are spacious – on average over 1,000 square feet (93 m²) – efficiently laid out, and equipped with in-unit washer connections.
Current rents are approximately 10–15% below comparable properties in the area, with occupancy consistently above 95% – a sign of equilibrium between location, size and price.
Value-Add Potential
The property offers a precisely measurable value-add opportunity. Around two-thirds of all units have been partially or fully renovated, while the remaining third can be brought to market standard with moderate capital expenditure.
Focused improvements in unit finishes and curb appeal can deliver a visible quality uplift and an immediate impact on income.
We focus on measures that raise returns, not expenses. Market analytics from RealPage (2026–2030) project approximately 5% annual rent growth for the Largo/Seminole submarket – growth based on economic reality, not speculation.
Strategic Perspective
For Whitestone, Central Park at East Bay is not a short-term play but a long-term, actively managed investment with a predictable trajectory.
We invest not in hope, but in logic: stable cash flows, planned modernization, a clear exit horizon. The property generates positive cash-on-cash returns from day one while offering structural levers for future value creation.
Portfolio Context
Within our Tampa–St. Petersburg portfolio, Central Park at East Bay reinforces our focus on workforce housing – affordable rents in demand-driven locations that remain resilient even as markets cool.
In a time when many investors mistake yield for risk, this investment stands for something else: reliability through structure. An asset that doesn’t need to be reinvented – only managed better. An investment that distills our philosophy to its essence.
Opportunities and Challenges
Central Park at East Bay is not a property you buy and let run. It is an investment that requires work — and experience to take the right steps at the right time.
The asset has solid fundamentals, but it is not perfect: several roofs are at end of life; exterior areas and asphalt show age.
This is not a risk, but a clear mandate for action — predictable, manageable, with direct impact on substance, market position, and returns.
Operational Challenges
- Rents are not dramatically, but noticeably below market — not due to demand, but due to structure.
- About one-third of units remain in original condition:
- simple finishes
- older appliances
- in some cases shared laundry usage
- Gradual, turnover-based upgrades allow stable, market-aligned adjustments without jeopardizing high occupancy.
Service Fees & Process Logic
- Service fees and utility pass-throughs are under review.
- Existing flat-fee structures (water, valet trash) are unusually low for the market.
- Moderate adjustments and better process management can generate additional cash flow without pressuring tenants.
Illustrative Reuse
- A small but typical example:
- As more units receive in-unit washer connections, the central laundry room becomes redundant.
- The space can be converted into an additional apartment.
- A simple, effective illustration of how operational logic creates value.
Management & Control
- Previous management was dedicated but reactive.
- The largest opportunity lies in re-ordering:
- structuring processes
- planning maintenance
- leading communication
- Yield does not arise by chance — it results from system.
This is how we work with an investment: not as maintenance, but as management.
Central Park at East Bay is not a simple asset — it is one where competence makes the difference.
Leasing Office
Model Home
Results to Date
Central Park at East Bay is in the early phase of active asset management. Following acquisition, our priority was to stabilize day-to-day operations and establish clear reporting with on-site management. Preventive maintenance schedules and vendor contracts are being aligned with Whitestone standards to ensure long-term cost control and operational reliability.
- Operational stabilization completed; monthly reporting cadence and KPIs implemented with the site team.
- Initial building inspections finalized; roof and exterior scopes sequenced into phased work without tenant disruption.
- Turnover-based interior program defined to lift classic units to current standard while maintaining >95% occupancy.
- Review of utility pass-throughs and service fees (water, valet trash) underway; adjustments structured to be market-aligned.
- Capital plan for 2026–2028 drafted, covering roofing, exterior resurfacing, and targeted curb-appeal measures.
In short, the foundation is in place. The asset is stable, income-producing, and now managed under a clear operational framework — the position from which sustainable value creation begins.
