Eagle Property, Promecap Purchase $81M Tampa Community

The Boot Ranch Apartments community came online in 1996. Image courtesy of Eagle Property Capital

Eagle Property Capital and Promecap have purchased The Boot Ranch Apartments, a 432-unit community in Palm Harbor, Fla., through their EPC Promecap Multifamily Partners V LLC investment vehicle. Providence Real Estate sold the property for $80.6 million or $186,618 per unit, according to Yardi Matrix data. Berkadia originated a seven-year, fixed-rate Fannie Mae acquisition loan.

Completed in 1996, the 16 three-story buildings encompass one-, two-, three- and four-bedroom floorplans, ranging between 743 and 1,456 square feet. Common-area amenities include a fitness center, clubhouse, business center, dog park, as well as two swimming pools.

Occupying 31 acres at 1350 Seagate Drive, the value-add community is 20 miles northwest of downtown Tampa, Fla. East Lake Woodlands shopping mall and The Shoppes of Boot Ranch business center are within a 2-mile radius.

Tampa sees declines in sales

According to Yardi Matrix, 37 communities changed hands year-to-date as of October in the Tampa – St. Petersburg – Clearwater market, a significant decline from the 89 properties traded during the same period of 2022. In one of this year’s more recent deals, Eagle Property Capital sold a 361-unit multifamily property for $45.7 million.

The per-unit price also diminished over the year. Properties traded for an average of $232,437 from January through October 2022, while this year’s sales averaged $198,865 per unit during the same interval.