Empath Health site in Largo sells for $19 million, 376-unit apartment community planned
/The largest multifamily housing owner, manager, and developer in the U.S. has acquired a 21.8-acre property in Largo, where it will build a new apartment community.
Greystar Real Estate Partners purchased the property at 5771 Roosevelt Boulevard for $19.25 million from Empath Health, according to a deed recorded on Thursday with the Pinellas County Clerk’s office.
The development group also took out a $68 million construction loan from CIBC Bank USA.
For Empath Health, the sale is one step in a broader plan to modernize operations and better align physical spaces with current workforce needs and community care.
“This is not a downsizing,” said Jonathan Fleece, President and CEO of Empath Health in a statement lsat year. “It’s a right-sizing. The sale enables us to invest more meaningfully in our colleagues and the systems that support compassionate care, while staying firmly planted in the communities we serve.”
Empath will shift administrative functions currently based at Roosevelt to other support sites in Palm Harbor and St. Pete. There will be no disruption to patients or family services.
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