ARA Newmark Arranges Sale of Tampa Community
- Sep 06, 2018
ARA Newmark has arranged the sale of M South, a garden-style multifamily community in Tampa, Fla. Vice Chairman Patrick Dufour and Director Ryan Crowley represented the seller, Pollack Shores and equity partner HQ Capital Real Estate, in the transaction. The Accend Cos. purchased the Class A, 288-unit property. NKF Capital Markets Executive Managing Director Matthew Williams secured the acquisition financing for the buyer through Natixis.
Situated at 5110 S. Manhattan Ave., the property comprises eight, three story buildings. Units are offered in one-, two- and three-bedroom floorplans ranging from 622 to 1,373 square feet. At the time of sale, M South was 95 percent occupied. Interior features include open kitchens, granite countertops, subway tile backsplashes, stainless steel appliances, wood-style plank flooring, walk-in closets, in-home washer/dryers, ceiling fans and private balconies. Residents have access to amenities including:
- clubroom with game tables and big screen TV’s
- fitness center
- outdoor bar with kitchen and grilling area
- trellised fire pit area
- bocce court
- pool deck with private cabanas
- bark park
- Wi-Fi in common spaces
- on-site management and maintenance
“M South was an especially important assignment for us as we monitored the asset closely through lease up, represented Pollack Shores in the sale of the asset, and secured financing for the buyer,” Dufour told Multi-Housing News.
Last month, ARA Newmark represented the buyer, Pathfinder Partners, in its $18.3 million acquisition of Verona Park, an apartment community in Denver’s submarket of Aurora, Colo.
Image courtesy of Natixis
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