Stonehaven Properties Acquires Main Street Landing Apartments in New Port Richey, Florida for $19.5M

by John Nelson

NEW PORT RICHEY, FLA. — Stonehaven Properties has acquired Main Street Landing, an 80-unit multifamily property located at 5500 Main St. in New Port Richey. McGurn Management Co. sold the apartment complex to Stonehaven for $19.5 million, or $243,750 per unit. Joseph Thavis of CBRE’s Tampa office represented both the buyer and seller in the transaction.

Completed in 2020, Main Street Landing sits directly on the Pithlachascotee River in downtown New Port Richey. The apartment complex is located 40 miles northwest of Tampa and 35 miles from Tampa International Airport. The property offers units with an average size of 1,412 square feet and average effective rents of $1,554 per unit.

Stonehaven Properties looks to improve the asset by adding an onsite fitness center and boat docks.

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