Beacon JV Acquires Tampa Asset for $58M
The buyer took out a $49 million loan from Bridge Investment Group.
A joint venture between Beacon Real Estate Group and EPC Promecap Multifamily Partners V, a fund managed by Eagle Property Capital Investments and Promecap, has acquired Harper Grove, a 264-unit community in Davenport, Fla.
The new ownership paid $58.1 million for the asset and took out a $49 million loan originated by Bridge Investment Group, according to Yardi Matrix data.
OneEleven Residential was the previous owner, the same data provider shows. The firm completed the property in 2023 using funds from a $40 million note from First Horizon Bank.
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Located at 1005 Keymar Drive, the community is less than 28 miles from downtown Orlando, Fla., and 29 miles from Orlando International Airport. Additionally, Harper Grove is close to several dining and retail opportunities and within walking distance of Highlands Reserve Golf Club.
The property encompasses three four-story buildings spread across 18 acres. The unit mix consists of one-, two- and three-bedroom floorplans ranging between 694 and 1,704 square feet. Apartments also feature private balconies or patios.
Common-area amenities include an 11,000-square-foot clubhouse, a fitness center, saltwater swimming pool with cabana, as well as an entertainment bar, gaming lounge and yoga lawn. The community also has coworking spaces, conference rooms, grill stations, dog parks and a pet spa.
Tampa sales activity picks up year-over-year
Metro Tampa multifamily transactions activity in the first quarter of this year clocked in at almost $350 million, according to Yardi Matrix data. This figure more than doubled compared to the same period of 2024, when six assets—fewer than 1,000 apartments—traded for $156.4 million.
Other notable deals in the area include Starwood Capital Group’s sale of Bridges at Crosstown, a 344-unit community in Tampa. The new ownership paid $76.3 million for the asset.
Last month, Gravel Road Partners and Bridge Investment Group purchased Oasis at Bayside, a 304-unit community in Largo, Fla. The deal was structured as a public-private partnership between the joint venture, Pinellas County and the Housing Finance Authority of Pinellas County.
