Market Overview

Balfour Beatty Communities Enters Tampa Market with 208-Unit Multifamily Property Acquisition


Providence at Zephyr Ridge expands company's Florida portfolio to
4,338 units

Beatty Communities
, a national residential real estate investment
and management company responsible for the ownership and operation of
more than $6 billion in multifamily assets, announced that it has
expanded its Florida portfolio with the purchase of Providence at Zephyr
Ridge located in the fast-growing Tampa submarket of Zephyrhills, FL.
The Company acquired the property as part of a joint venture with
Houston-based real estate firm, Apex
One Investment Partners

The community—which will be rebranded as Preserve at Zephyr Ridge—is
comprised of 13 residential buildings that span more than 12 acres
located at 35940 Inspiration Drive. A variety of retail, entertainment
and restaurant options are easily accessible in the Zephyrhills area, in
addition to major healthcare providers including the Florida Hospital

The property is comprised of 208-units in a variety of one-, two- and
three-bedroom floor plans averaging 1,023 square feet. Apartment
features that are offered include large walk-in closets, modern
fixtures, master suites and fully-equipped kitchens. Several community
amenities including a sparkling pool with outdoor kitchen and
screened-in lanai, playground, fitness center and clubhouse with
business center.

"This acquisition falls directly in-line with Balfour Beatty
Communities' strategy of acquiring high-quality assets in growing
submarkets where we can add value through operational improvements and a
targeted renovation plan," said Michael Price, vice president of
residential transactions for Balfour Beatty Communities. "We are excited
to expand our Florida footprint into the Tampa market and look forward
to delivering the world-class property management services and
exceptional living experience that has become our hallmark."

Balfour Beatty Communities will self-perform property management
services and invest in a series of capital improvements at the property,
including interior, exterior and amenity upgrades.

About Balfour Beatty Communities

Beatty Communities, LLC
is a diversified real estate services
company delivering development, design, financing, construction,
renovation, property and facilities management services in the
multifamily, student and military housing sectors. A leader in the
industry, Balfour Beatty Communities has more than 50,000 residential
units and $6 billion in real estate assets under management and has
developed or renovated more than 29,000 units with a total value of
close to $4 billion. Headquartered outside Philadelphia, PA, Balfour
Beatty Communities has more than 1,200 employees and is a subsidiary of Balfour
Beatty Investments, Inc

Balfour Beatty Investments is part of Balfour
Beatty plc
, a global leader in construction services, support
services, and infrastructure investment.

About ApexOne Investment Partners

ApexOne Investment Partners is a privately held real estate investment
firm and fund manager. Our platform was created to isolate, acquire,
enhance and operate multifamily real estate. Our leadership brings over
150 years and $15B of cumulative real estate experience to each
investment. We identify assets where a combination of physical
enhancements and focused asset management will have a positive influence
on our community residents resulting in maximizing investor returns and
mitigating investment risk.

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