Overview
Enclave at Sabal Pointe is a 240-unit apartment community ideally positioned near Downtown St. Petersburg, Florida, offering one of the most attractive value-add investment opportunities in the market. Featuring the largest floor plans in the area—averaging 1,164 square feet—this well-maintained property presents a desirable mix of one-, two-, and three-bedroom units. With 83.3% of apartments still eligible for interior renovation, investors can unlock significant rental upside, supported by $215+ in average monthly premium potential through upgrades and loss-to-lease recapture. Recent capital improvements totaling over $3.9 million—including new roofs, upgraded amenities, and enhanced curb appeal—have laid a strong foundation for continued value creation.
Located in a high-barrier-to-entry area of Pinellas County, Enclave at Sabal Pointe is strategically situated between the vibrant core of Downtown St. Pete and the renowned Gulf beaches, offering residents convenient access to employment hubs, entertainment, and retail. The community benefits from proximity to the Skyway Marina District, home to the transformative $750 million “Sky Town” redevelopment project, and boasts easy connectivity just one mile from I-275. With no competing market-rate multifamily properties under construction within a one-mile radius and a projected 5.5% annual rent growth through 2030, this offering combines stability with exceptional long-term growth potential.
Investment Highlights
- 240-Unit Apartment Community Located Near Downtown St. Petersburg, FL
- Excellent Floor Plans with the Largest Apartments Offered in the Market, Averaging 1,164 SF with Desirable Mix of 1-, 2- and 3 Bedroom Units
- Value-Add Opportunity with 83.3% of Units Still Able to Be Renovated to Achieve Premium Rents
- Well-Maintained Community with Significant Recent Capital Improvements Totaling Over $3.9MM, Including All New Roofs, Parking Lot, Exterior Paint, Clubhouse & Amenity Upgrades, Landscaping, and Select Interior Renovations
- Significant Value-Add Opportunity with $215+ in Average Monthly Rental Upside Through Renovations and Loss-to-Lease Recapture
- High Barrier-to-Entry Location in Pinellas County, with No Market-Rate Multifamily Properties Under Construction within a 1-Mile Radius, and only 1 Market-Rate Multifamily Property Under Construction within a 3-Mile Radius (Costar)
- Submarket Projected for 5.5% Compounded Annual Year-Over-Year Rent Growth in the Next Five Years (RealPage, South St. Petersburg Submarket, 2026-2030)
- Adjacent to the Skyway Marina District, a Rapidly Emerging Area Including the "Sky Town" Development Project, a $750MM Mixed-Use Redevelopment of the 34.2 Acre Former Ceridian Office Campus
- Situated Conveniently Between Downtown St. Petersburg and the World-Famous Gulf Beaches, Close to Employment and Entertainment Options
- Great Connectivity Just 1-Mile to the Interstate 275 On-Ramp, with Direct Access to Major Markets of Tampa, St. Petersburg, and Bradenton
- Conveniently Located Near Shopping & Retail Including Walgreens (0.7 Mi), CVS (1 Mi), Starbucks (1.4 Mi), Publix (1.6 Mi), Walmart Supercenter (2.3 Mi), and Kahwa Coffee (2.9 Mi)
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