CBRE has brokered the sale of Palm Avenue Apartments, a 369-unit community in Tampa, Fla. The property changed hands for $43.7 million, according to Yardi Matrix information. The firm’s Francesco Carriera and Michael Regan negotiated on behalf the seller, TLR Group. Eric Fixler with CBRE’s Debt and Structured Finance assisted the buyer, Coltown Properties Inc., in assuming the existing $31.9 million Fannie Mae loan with a 72 percent loan-to-value ratio at 4.71 percent interest.
Situated on some 15 acres at 10610 N. 30th St., Palm Avenue encompasses 46 two-story buildings constructed between 1973 and 1975. The unit mix features one- to three-bedroom floorplans ranging from 532 to 1,235 square feet. Amenities include two swimming pools, a playground with rubber flooring, a fitness center and a community clubhouse.
The property is roughly 10 miles northeast of the city center within the Tampa Innovation Alliance district, home to the University of South Florida, Moffit Cancer Research Center and Hospital, USAA and Advent Health.
Carriera said in a prepared statement that the community traded for a very high price for a 1970’s product due to the extensive property improvements. The broker also declared the transaction was Coltown’s first Florida investment.
In July, Carriera and Regan assisted both parties in the $101.3 million sale of a two-asset portfolio in Florida totaling 598 units. One of the properties, a 390-unit Tampa community, commanded more than $70 million.