Blue Roc Expands Tampa Footprint
The company paid $37 million for a 356-unit property located within 10 miles of the city’s downtown.
Blue Roc Premier Properties has acquired The Point at West End, a 356-unit garden-style property in Tampa, Fla., for $37 million or $104,000 per unit. Cushman & Wakefield arranged the sale on behalf of the seller, Waypoint Residential.
The community includes 23 two-story buildings and a clubhouse, which occupy 19.5 acres at 6161 Memorial Highway. Throughout its three years of ownership of the community, Waypoint Residential had invested $3.5 million in capital improvements. Upgrades include both interior and exterior renovations, as well as new and improved amenities.
Constructed in 1980, the community comprises a mix of studio, one- and two-bedroom units with an average market rent of $976. The apartments feature energy-efficient appliances, faux granite countertops, upgraded fixtures, walk-in closets and patios or balconies. Property amenities include a 24-hour fitness center, cyber café, outdoor grilling area, car-care center and a resort-style pool with tanning ledge and sundeck.
The property is located within Tampa’s Town-N-Country submarket, near the intersection of freeways 580 and 589, approximately 6 miles from the Tampa International Airport and within 10 miles of downtown.
Cushman & Wakefield’s Luis Elorza, Brad Capas, Robert Given and Michael Mulkern worked on behalf of Waypoint Residential. Earlier this month, Elorza brokered the $77.3 million sale of a 339-unit property in Clearwater, Fla.