Newmark Knight Frank Brokers Sale of FL Community
The firm has arranged the sale of a 318-unit property located in Tampa. Pollack Shores Real Estate Group sold the asset to TH Real Estate.
5 West Apartments
TH Real Estate has acquired 5 West Apartments, a 318-unit, Class A community in Tampa, for $61.9 million or $194,654 per unit, according to Yardi Matrix. Newmark Knight Frank brokered the sale of the community on behalf of the seller, Pollack Shores. The brokerage team also represented the buyer in the deal. ZRS Management is the manager of the community.
The community is situated at 5150 Net Drive, just off the intersection of freeways 580 and 589, approximately 5 miles from Tampa International Airport and 9 miles from the city’s downtown. Additionally, the community is adjacent to the Westshore Business District, which provides many employment options.
“As one of the fastest growing cities in the US with increasing employment opportunities, the demand for multifamily in Tampa has continued to rise,” said Carlos Burneo, senior director at TH Real Estate & lead for Housing in Florida, in prepared remarks.
The property was built in 2010 and underwent renovation in 2016. Improvements include the transformation of the clubroom into a gym and a new lounge. The community encompasses a mix of one- and two-bedroom units, featuring quartz countertops, vinyl plank flooring and private patios or balconies. Communal area amenities include a resort-style pool with sundecks.
Newmark Knight Frank’s team included Vice Chairman Patrick Dufour and Director Ryan Crowley.
In December, TH Real Estate also acquired The Village at Lakewood, a 240-unit property in Phoenix, for $40.3 million.
Image courtesy of Yardi Matrix
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