400-Unit Affordable Housing Portfolio Changes Hands in Florida

Harmony Housing acquired the two affordable housing assets from Leland Enterprises, in a deal facilitated by Marcus & Millichap.

Tampa, Fla.Marcus & Millichap has arranged the sale of a 400-unit affordable housing portfolio comprising a 200-unit community in Wesley Chapel, Fla. and a 200-unit low income housing tax credit property located in Plant City, Fla. Harmony Housing acquired the properties from Leland Enterprises for $28.4 million.

Pasco Woods

Pasco Woods

Pasco Woods Apartments was bought for $15.3 million and Park Springs for $13.1 million, with cap rates of 5.9 percent and 5.34 percent, respectively. Located at 6220 Ryerson Circle, Pasco Woods features two- and three-bedroom floorplans with unit sizes ranging from 1,068 to 1,134 square feet, according to Yardi Matrix.

Residential amenities include a clubhouse, volleyball court, a swimming pool and 450 parking spaces. Located at 300 Park Springs Circle, Park Springs features two- and three-bedroom floorplans ranging in size from 943 to 1,534 square feet. Common area amenities include a fitness center, clubhouse, swimming pool, laundry facilities and 400 parking spaces.

Park Springs

Park Springs

Based in Marcus & Millichap’s Orlando office, Ray Turchi, Chris Travis and Affordable Housing Specialist Kristin Boekhoff had the exclusive listing to market the property on behalf of the seller, a private investor. Turchi, Travis and Boekhoff also secured the out-of-state institutional buyer. Boekhoff is a recent addition to Marcus & Millichap’s Turchi-Travis team; she is focusing on investment sales of affordable housing communities in the Southeastern United States.

“Within three weeks each property generated more than 10 offers, which speaks to tremendous interest from buyers for this property type,” said Turchi in prepared remarks.

Images via Yardi Matrix