Exclusive: Related JV Picks Up Senior Housing Asset in Tampa
The seller more than tripled its investment after owning the building for 12 years.
Related Group, together with Florida Community Development Corp., has paid $28.8 million for Bay Pointe Tower, a 210-unit senior housing property in South Pasadena, Fla., according to Yardi Matrix information. Merchants Bancorp originated a $25.2 million acquisition loan, with a maturity date set in 2027.
Robbins Property Associates sold the building after 12 years of ownership and made a notable gain on the transaction. The asset previously changed hands in 2014 for $8.6 million.
Bay Pointe Tower is Related’s fourth completed property in the Tampa, Fla., metro. The company is a long-time developer here, having recently broken ground on a 369-unit luxury residential tower in Tampa, Fla., as part of a $1 billion master-planned project. The company’s local portfolio amounts to 3,665 multifamily, affordable and senior housing units in all stages of development, Yardi Matrix information shows.
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Completed in 1971, Bay Pointe Tower is a 17-story building at 880 Oleander Way S., in an area with multiple bus stops and retail options. The location is close to Corey Causeway, allowing easy access to St. Pete Beach, Fla. St. Pete–Clearwater International Airport is 13 miles northeast.
The unit mix at the age-restricted property includes studio and one-bedroom floorplans of 484 and 630 square feet, respectively. Amenities include laundry facilities, a fitness center, a clubhouse, an outdoor lounge and a library, as well as surface parking.
Senior housing investment continues to improve
By year-end 2025, senior housing investment volume reached just over $24 billion—the highest transaction level since 2015, according to a JLL report. Average pricing climbed 29 percent year-over-year to more than $182,000 per unit.
At the same time, the sector’s occupancy rate recovered to 89.9 percent in primary markets and 90 percent in secondary markets. A sharp slowdown in new construction will continue to support the sector’s appeal.
