Carroll Organization, Goldman Sachs Asset Management Acquire Mixed-Use Community in Tampa, Fla.
- May 20, 2014
Atlanta—The Carroll Organization has announced that its joint venture with AIMS Real Estate—a business unit of Goldman Sachs Asset Management—has acquired the 617-unit mixed use community West Park Village, which is about 10 minutes north of Tampa, Fla.’s Westshore submarket, Tampa’s largest office market. The property marks Carroll Organizations 14th major purchase in Florida and the asset is primed for value-add potential.
“When evaluating an asset, location is one of the most important spaces,” says Carroll Organization founder and CEO, M. Patrick Carroll. “Part of our past success has been the ability to buy quality properties within walking distance of the retail amenities people value like grocery stores, coffee shops, restaurants and entertainment. We’ve had tremendous experience with properties that are in close proximity to retail amenities, as walkability helps drive demand, which in turn drives occupancy and rent growth.”
The community was built in 2004 and in addition to the 617-unit spread of one-, two- and three bedroom residences, the property includes more than 40,000 square feet of retail featuring tenants like Starbucks and a YMCA, as well as restaurants Irish 31 and Catch Twenty Three.
Apartments average 1,230 square feet and amenities include a resort style pool, a kids’ pool, a business center with conference room, a 24-hour poolside fitness center and several barbecue areas located throughout the property.
West Village Park is located at the heart of the Westchase upscale master-planned community, which boasts an assortment of top rated schools, family-friendly parks and other outdoor spaces.
Carroll Organization intends to make capital improvements to the property in order to enhance residents’ experiences.