Coastline Management Pays $19M for Tampa Community
- Dec 14, 2018
Coastline Management Group has purchased River Pointe Apartments, a 212-unit Class B community in Tampa, Fla., for $19.3 million, according to Yardi Matrix. The seller, Focus Group, had acquired the asset in August 2015 from NR Investments for $8.3 million.
Walker & Dunlop provided $17.4 million in acquisition financing to the buyer. The firm also recently loaned more than $30 million to The Praedium Group for a 246-unit acquisition in Jacksonville.
River Pointe’s 28 buildings are located at 8024 Hidden River Drive in Tampa’s Del Rio/College Hill submarket, less than 10 miles from downtown. The community is set in a primarily residential district, with the nearest shops approximately half a mile east, along the 56th Street retail corridor. The HART public transportation system operates a bus route a short walk from the property.
The asset was constructed in 1973 and contains one-, two- and three-bedroom apartments with floorplans ranging from 530 to 1,550 square feet. The pet-friendly community’s amenity mix includes a swimming pool, a fitness center, a business center, a clubhouse and laundry facilities. The property was 92.5 percent occupied as of October, per Yardi Matrix data.
Image courtesy of Yardi Matrix