304-unit apartment complex in Largo to convert into affordable housing
/aerial of oasis at bayside | apartments.com
The Oasis at Bayside apartment complex in Largo has been purchased and is set to undergo a major renovation as it transitions into workforce housing, preserving much-needed affordable living options in the area.
Washington, DC and Greenwich, Connecticut-based multifamily investor Gravel Road Partners and Salt Lake City, Utah-based Bridge Investment Group purchased the 304-unit property at 305 Glades Circle on March 12th for $42.25 million.
Berkadia Senior Managing Director Jason Stanton represented the seller, Latitude Management Real Estate Investors of Beverly Hills, California, in the transaction.
The new owners are partnering with Pinellas County to renovate the 1974-built property and dedicate 258 units for tenants earning 50% to 80% of the Area Median Income (AMI). Currently the property has no affordability requirements.
Under the land acquisition agreement, 247 units will be reserved for tenants earning 80% AMI or below, eight units for 65% AMI or below, and three units for 50% AMI or below, while 46 units will remain unrestricted. These affordability requirements will remain in place indefinitely.
oasis at bayside will reserve 258 units for tenants earning between 50% and 80% of the Area Median Income (AMI) | apartments.com
“This was a collaborative effort to achieve the affordability mix we did. The numbers have to work, or we can't raise the equity to complete the capital stack,” said Tyler Herbert, founding partner at Gravel Road.
The project, including land acquisition, will cost nearly $60 million, with Pinellas County contributing $9.91 million toward the purchase and capital improvements to support workforce housing. Pinellas County's funding comes from the Penny for Pinellas sales tax.
“Oasis at Bayside offers a rare investment opportunity, balancing social impact with stable returns. Pinellas County’s housing team played a key role in crafting a creative approach to preserving vital housing,” said Tyler Herbert, founding partner at Gravel Road, in a conversation with St. Pete Rising.
The property is currently 94% occupied. Existing residents were notified of the ownership change and will not be displaced.
Rather than relying on traditional underwriting—renovating to increase rents, potentially displacing residents—Gravel Road and its partners took a different approach with county support.
“We’re making it clean, safe, and affordable while upgrading amenities and units to market standards without materially raising rents. There’s no silver bullet to solve the housing crisis, but this is a collaborative playbook. Some municipalities want to implement solutions but lack the budget or legislative approval—this is where creative structuring comes in,” Herbert said.
the new ownership will update the existing amenities | Apartments.com
While the rents will be affordable, they will still increase and adhere to the set aside tables and be restricted to annual growth rates as indicated by the United States Department of Housing and Urban Development (HUD).
Capital improvements will include roof repairs, plumbing, windows, doors, and interior renovations. The complex consists of one-, two-, and three-bedroom apartments ranging from 650 to 1,100 square feet.
Property amenities include a pool, fitness center, dog park, sports court, picnic area, playground, and laundry facility.
Planned upgrades include a new pool deck, grills, landscaping, an updated playground and fitness center, and a renovated sports court with new netting, lighting, and astroturf, Herbert said.
Renovations will commence soon, and the work is expected to be completed within three years.
Partially and fully renovated units feature granite countertops and stainless-steel appliances.
one of the renovated units at oasis at bayside | apartments.com
The reimagined Oasis at Bayside reflects Gravel Road’s ongoing investment in Pinellas County.
The company is also developing Bayou Court Apartments, a 60-unit affordable housing community in South St. Pete, adjacent to Lakewood Elementary School. The project prioritizes rental opportunities for local school staff and city employees.
“Our ideal scenario is to provide housing for teachers, Lakewood employees, and local municipal workers,” Herbert said.
Pre-leasing for Bayou Court has just begun. A ribbon-cutting ceremony is scheduled for May 7th.
Additionally, Gravel Road is planning a 23-story, 218-unit apartment tower at 699 1st Avenue North, on the southwest edge of downtown St. Pete’s Mirror Lake neighborhood.
