Chicago-based Providence Real Estate has acquired The Preserve at Tampa Palms, a 378-unit apartment community in New Tampa, for $67.5 million.
The property, at 17220 Heart of Palms Drive, was sold by an investment group affiliated with Inland Private Capital Corp. Providence said it plans to renovate and improve the community after the acquisition.
Built in 2002, The Preserve spans about 44 acres in Tampa Palms. The community includes one-, two- and three-bedroom apartments across 19 residential buildings, along with a pool, fitness center, clubhouse, tennis and pickleball courts and attached and detached garages.
The property sits near Interstate 75 and Bruce B. Downs Boulevard, providing access to major employers and institutions including Moffitt Cancer Center, AdventHealth, USAA and the University of South Florida. Providence President Kevin Finkel said the firm’s experience in Tampa and in the Tampa Palms area helped drive the acquisition.
Hillsborough County Property Appraiser records place the property’s 2026 market value at $68.6 million, nearly matching the sale price. Property records show The Preserve last sold in 2015 for $49.3 million.
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Providence Chief Executive Alan Pollack said Tampa remains attractive because of its long-term population and job growth, even after a wave of new apartment construction in Sun Belt markets.
“As new supply moderates over time, markets with strong long-term demographic and employment fundamentals such as Tampa are well positioned for improving operating conditions and the potential for stronger rent growth,” Pollack said in a statement.
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