Beachwold Residential Buys $60M Asset
Cushman & Wakefield's Florida Multifamily Group represented Mercury Investment in its disposition of Hibiscus Springs Rental Homes, located in Tampa's submarket of Spring Hill.
Beachwold Residential has acquired Hibiscus Springs Rental Homes, a garden-style apartment community in Spring Hill, Fla., for $60 million, or $127,660 per unit. Cushman & Wakefield’s Florida Multifamily Group represented the seller, Mercury Investment, which originally purchased the property back in March 2012 for $27.3 million.
Located at 3454 Suncoast Villa Way, the 470-unit community was constructed in two phases—the first between 2001 and 2004, and the second in 2016. The new owner plans to make improvements and upgrades to the units built within the first phase of construction. Hibiscus Springs is currently 94.9 percent occupied, according to Yardi Matrix. Floorplans are offered in one-, two- and three-bedrooms, ranging from 907 to 1,245 square feet. Interior features include washer/dryer hookups, vaulted ceilings, microwave ovens, private balcony/patios, ceramic tile and direct access garages for certain units. Residents have access to amenities including:
- entertainment area
- state-of-the-art fitness center
- swimming pool
- dog park
- shuffleboard courts
- basketball court
- outdoor picnic area
- access to Suncoast Trail
Hibiscus Springs is adjacent to the Suncoast Parkway/Veterans Expressway, providing convenient access to Hernando County, Pasco County and the Westshore business district in Tampa.
In June, Beachwold acquired the 242-unit Aviara in Gainesville, Fla., from Read Property Group. The transaction was valued at $20.2 million, according to Alachua County property records.
Senior Directors Luis Elorza and Brad Capas, Vice Chairman Robert Given and Senior Financial Analyst Michael Mulkern negotiated the sale.
“Hibiscus Springs is an excellent example of investors’ increasing willingness to pursue properties in secondary and tertiary markets in search of quality investment opportunities,” said Elorza, in a prepared statement. “This statewide trend will significantly enhance the marketability and investor participation in Hernando County as well as other similar submarkets throughout Florida.”
Image courtesy of Cushman & Wakefield