205-unit luxury rental community
In January of 2021, after a 20-month re-zoning process, Penler acquired 10.5 acres in the Westshore Marina District of South Tampa where they will build a 205-unit luxury rental community. The property is located at 6603 S. Trask St., near the major north/south arteries of West Shore Blvd. and Dale Mabry Highway. West Gandy Blvd is only 1.5 miles to the north, offering easy access to St. Petersburg and the Gateway Office market. The Watson is only minutes away from Hyde Park, Downtown Tampa, the Westshore business district, Riverwalk, and Water Street – as well as shopping options at Westshore Plaza and International Plaza.
The Watson will offer one- and two-bedroom apartments featuring open floor plans and nine-foot ceilings, efficient kitchens with upgraded appliances and quartz countertops, wood grain plank flooring and ceiling fans.
Amenities will include a resort-style pool, outdoor gas grills, a package locker for deliveries, a clubhouse, lounge and business center, and a commercial caliber fitness center featuring a cardio and yoga/spin area. The architecture is Old Florida-inspired and the site plan features three courtyard parks, a public pocket park and a dog play area.
In October of 2022 The Watson welcomed their first residents. The project reached a stabilized occupancy in June of 2023. On July 14th 2023 Penler sold The Watson realizing a project multiple of 2.45 and IRR of 53%.