Class B Tampa Community Trades for $37M
The partnership buying the asset assumed a $21.4 million Freddie Mac loan from the seller of the 356-unit community.
The Park at Avanti
Waypoint Residential has sold The Point at West End, a 356-unit multifamily property in Tampa, Fla. A partnership including Xavier Family Partnership, Konover South and Stonecutter Capital acquired the Class B asset for $37 million and rebranded it to The Park at Avanti. The buyer assumed the outstanding balance of a $21.4 million Freddie Mac loan placed in 2016. JLL is the servicer on the mortgage.
The Park at Avanti is on nearly 20 acres at 6161 Memorial Highway, approximately 10 miles northwest of downtown Tampa. The nearby area is home to a variety of shopping and dining options, particularly in the Hillsborough Avenue retail corridor a short distance to the north.
The community’s 23 two-story buildings were completed in 1979 and have a mix of studio, one- and two-bedroom apartments ranging in size from 450 to 850 square feet. Amenities include a swimming pool, business center and fitness center. The property was 89.6 percent occupied as of September, per Yardi Matrix data.
