Tampa, Fla.—Federal Capital Partners (FCP) has acquired Belara Lakes Apartments in Tampa, Fla., in a $22.4 million transaction. The acquisition marks FCP‘s second investment in Florida during the last three months.
The 324-unit property provides immediate access to the Westshore Business District, given its location between the heavily traveled North Dale Mabry Highway retail corridor and I-275. Also within convenient driving distance are Tampa International Airport, International Mall and Raymond James Stadium.
“Tampa is a growing market,” Jason Ward, FCP vice president, told MHN. “Buying concrete construction well below replacement cost in a historically highly occupied submarket made us really like the deal.”
FCP saw the plusses of Belara Lakes Apartments as concrete construction, new windows, new roofs and the historically highly-occupied submarket.
“Tampa has been growing and we believe it will continue to do so,” Ward said. “The strong Florida markets—like this one—have appreciated significantly in the past three years. However, the fundamentals are still strong and we look forward to future investments in these markets.”
Belara Lakes offers some of the largest floor plans in the area. The selection of apartments includes hard-to-locate three-bedroom plans. Amenities of the property include two swimming pools, a community lake, fitness center, picnic area and playground. FCP has retained local firm Avesta to manage the community.
Nick Meoli of the Meoli-Donaldson team at Marcus & Millichap represented the seller.
“FCP is excited to make its first equity investment in a multifamily acquisition in Florida with the purchase of Belara Lakes,” Ward said. “The acquisition of this well-located Tampa community is consistent with FCP’s strategy of investing in quality multifamily communities that appeal to a broad range of residents.”
Chevy Chase, Md.-based Federal Capital Partners is a privately-held real estate investment company that has invested in or financed more than $4 billion in assets in the 17 years since its founding.
FCP is investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets on the East Coast.