American Landmark, Electra America Acquire Tampa Community
The companies purchased Waters Edge, which will be rebranded as WestEnd at 76Ten and undergo more than $1.5 million in renovations.
After recently purchasing Sheridan Lake Club in Dania Beach, Fla., American Landmark, along with its debt and equity partner Electra America, has acquired Waters Edge, a multifamily community in Tampa, Fla. The property will be rebranded as WestEnd at 76Ten and undergo more than $1.5 million in renovations.
“With accelerated hiring taking place in the Tampa-St. Petersburg area throughout the year, Waters Edge is a compelling investment opportunity near considerable employment hubs and attractions, while still allowing us to offer affordability to our residents,” said Christine DeFilippis, chief investment officer of American Landmark. “As Channelside Bay Plaza’s next phase is scheduled for completion later this year, and the Westshore business district seeing continued growth, the area’s healthy employment will lead to sustained leasing activity.”
Located at 7610 West Waters Ave. in Tampa’s Town ‘N’ Country neighborhood, Waters Edge comprises 216 studio, one- and two-bedroom units. Constructed in 1985, the community was 96 percent occupied when acquired. The firm plans to renovate unit interiors to include plank flooring, contemporary cabinet faces and hardware, USB ports, resurfaced counters and kitchen, bathroom and dining room lighting upgrades. Exterior upgrades will include updated clubhouse amenities, landscape enhancement, fitness center upgrades, high-end pool furniture and cabanas, a package locker system and community signage. Residents have access to amenities such as:
- business center
- fitness center
- clubhouse with kitchen
- swimming pool
- tennis court
- racquetball/basketball court
- dog park
- laundry facility
- car care center
Waters Edge is within close proximity to Veterans Expressway and West Hillsborough Avenue, Tampa International Airport, the Channel District and Ybor City.
Image courtesy of American Landmark