EPC and Promecap to convert two extended-stay hotels in Florida into apartments

Eagle Property Capital Investments (EPC), a vertically integrated real estate investment manager focused on the value-add multifamily space, has acquired two extended-stay hotels near Tampa, Fla., alongside its joint venture partner, Promecap.

The partners intend to consolidate, reposition and rebrand the properties — TownePlace Suites by Marriott St. Petersburg Clearwater and Residence Inn by Marriott St. Petersburg Clearwater — as Pelican Lake Apartments.

The properties are located 1.5 miles from St. Petersburg/Clearwater International Airport, and 25 minutes from both downtown Tampa and downtown Clearwater. The new apartment complex will offer a mixture of 183 studio, one- and two-bedroom apartments ranging from 500 to 850 square feet, along with a host of resident amenities.

“This was an exciting and rare opportunity to expand our footprint in the Tampa market by taking two centrally located extended stay hotels and transforming them into much-needed w