Asia Capital Real Estate Lands $43M Loan for Tampa Acquisition

Lola Apartments. Image courtesy of NorthMarq

Asia Capital Real Estate has acquired Lola Apartments, a 264-unit Class A community in Riverview, Fla., in Hillsborough County. The seller, a joint venture between Lindell Investments and Investors Realty, was represented in the transaction by NorthMarq Tampa’s Investment Sales team.

Working on behalf of the buyer, JLL Capital Markets secured a $42.8 million acquisition loan through lender CIT Group.

Lola Apartments is located at 9960 Jonas Salk Drive, in the southeast suburban area of Tampa, Fla. The pet-friendly property features one-, two- and three-bedroom units in proportions of 45 percent, 49 percent and 6 percent, respectively, with an average unit size of 968 square feet. Finishes include stainless steel appliances, island kitchens, balconies, walk-in closets, vaulted ceilings and access to smart technologies.

Community amenities encompass a 24-hour fitness center, an 8,000-square-foot clubhouse, a swimming pool, poolside cabanas with outdoor TV’s, fire pit and grills, as well as a bark park and pet spa, a game room and 398 grade-level parking spaces.

Leasing trends in the area

The garden-style property is 18 miles southeast from downtown Tampa and adjacent to St. Joseph’s Hospital–South. Additionally, the community is located 1 mile from Interstate 75, providing easy access to Miami and the west coast of Florida.

Delivered in the first quarter of 2019, Lola Apartments experienced a rapid lease-up of roughly 20 units per month, thanks to the area’s strong multifamily demand. Recent leases have been signed at higher-than-average rates. Furthermore, the property faces limited competition, with only two multifamily properties under construction within a 5-mile radius.

A refinancing pipeline

Last year, Asia Capital Real Estate originated a series of financing deals for a variety of multifamily projects. City Club Apartments, a luxury project in Detroit, landed a $78.5 million bridge loan for its final phase of construction, while Wood Partners obtained an $86.3 million refinancing loan for its high-end Yard 8 apartment tower in Miami. Sovereign Properties also refinanced Millennium at Hometown, a 306-unit, Class A multifamily community underway in North Richland Hills, Texas, with a $49.1 million loan from Asia Capital Real Estate.

Earlier this year in March, Asia Capital Real Estate provided Austin Lawrence Partners with a $34 million short-term bridge loan to refinance its existing debt on One City Center, a 28-story, Class A property in Durham, N.C.

The JLL team that secured the acquisition loan for Lola Apartments was led by Director Jesse Wright, Senior Managing Director Elliott Throne and Associate Kenny Cutler.

NorthMarq Tampa’s Investment Sales team representing the seller included Managing Director Luis Elorza and Senior Associate Justin Hofford.