29SC Expands Florida Portfolio With $112M Buy
- Sep 17, 2021
Real estate investment firm 29th Street Capital (29SC) has acquired two Tampa Bay-area apartment communities for a total price of $112 million.
The properties are Henley Tampa Palms, a 315-unit asset in the Tampa Palms master-planned community in Tampa, and Enclave at Northwood, a 188-unit property in suburban Clearwater, Fla.
These properties mark the eighth and ninth multifamily acquisitions in Florida for 29SC.
Managing Director Luis Elorza and Senior Associate Justin Hofford with NorthMarq Tampa’s Investment Sales team arranged the sale of the two apartment communities. The seller was private investment firm Preston Giuliano Capital Partners.
“One of the largest challenges was justifying a record-setting price per unit for these vintage assets,” Chris Steiner, vice president of acquisitions in Florida, told Multi-Housing News.
“As seasoned real estate investment professionals in a tight acquisition market, the team at 29SC recognizes where to find the greatest upside from rental demand while protecting our investors by targeting irreplaceable assets in highly desirable locations,” he added.
Located 2 miles northeast of Tampa’s Innovation District, Henley Tampa Palms was built in 1997 at 15350 Amberly Drive.
Residences offer bay windows, built-in entertainment centers, plank flooring, private entries and kitchens with center islands. Controlled access represents one of the amenities of the gated community. The 19-mile-square Innovation District is a multi-jurisdictional area anchored by the University of South Florida, University Mall and three major hospitals in the process of large expansions
Close to beach
Situated 30 minutes from the nationally top-ranked Clearwater Beach, Enclave at Northwood was built in 1985 at 2690 Enterprise Road East. Features and finishes include fireplaces, island kitchens, walk-in closets, hardwood floors and spacious balconies or terraces.
A business center is among the community’s most prominent common-area amenities. The apartment community neighbors Enterprise Dog Park, Countryside Mall and Lake Chautauqua.
A number of qualities made the two properties highly attractive to 29SC. These included in-fill locations with high barriers to entry and locations near leading employers, as well as proximity to dining, shopping and entertainment hubs.
In a prepared statement, 29SC officials noted Tampa Palms and the Northwood neighborhood of Clearwater are highly sought by quality residents, and that is not expected to change in the foreseeable future. These facts, along with a projected 2021 population growth of 3.5 percent, help make these properties excellent investment opportunities.
In June, 29SC acquired a 424-unit Denver-area apartment community for $134 million.