Bluerock Pays $103M for Tampa Community
The seller added 48 units to the property last year.
Bluerock Real Estate has purchased Amira at Westly, a 408-unit community in Tampa, Fla., from Electra America for $103 million, according to Yardi Matrix data.
The investor acquired the asset through its Delaware Statutory Trust—BR Amira—SEC filings show. The capital stack included $14.5 million in equity from Bluerock and a 10-year, $56.7 million, interest-only Fannie Mae note with a rate of 4.81 percent issued by KeyBank. Another 12-month, KeyBank bridge loan amounting to $36 million completed the financing.
Electra purchased the then 360-unit Amira at Westly in 2019 for $63 million from Abacus Capital Group, Yardi Matrix data shows. Electra also purchased an adjacent vacant lot for $1 million, according to Hillsborough County public records. Located at 6105 Paddon Glen Drive, the community is less than 10 miles northwest of downtown Tampa.
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In 2023, two three-story buildings totaling 48 units debuted on the formerly vacant land, bringing the community’s total apartment count to 408. What’s more, a clubhouse featuring a swimming pool also came online.
Amira at Westly encompasses 16 buildings—including two clubhouses and a storage facility—and its residential portion features one- and two-bedroom floorplans ranging between 725 and 1,092 square feet. Amenities consist of two swimming pools, an outdoor patio with a lounge, a gym, a business center, a resident coffee bar, as well as a game room and a fenced-in pet park.
Fewer metro Tampa rental units trade for more
Year-to-date through October, investors traded north of 8,000 units throughout metro Tampa across 39 assets of 50+ units, Yardi Matrix data shows. The total investment volume was roughly $1.7 billion.
More units changed hands during the same period in 2023—north of 9,000—for a total multifamily sale volume that was nearly identical to the one recorded this year. Apartments commanded higher prices on average in 2024 (more than $217,000) compared to last year (upward of $208,700). Amira at Westly’s sale surpassed both averages with a price per unit of $252,450.
Another metro Tampa transaction involving Electra America closed last month. The company purchased two assets encompassing 455 units for a total of $94.5 million. White Oak Partners sold the 288-unit Courtney Trace and The Addison Apartments, a community comprising 167 units.
