Electra America Snags Fourth Tampa Community

Starwood Capital sold Northgreen at Carrollwood, a 438-unit luxury asset. Berkadia’s South Florida and Philadelphia teams arranged a $39.8 million Fannie Mae loan.

Electra America acquired Northgreen at Carrollwood, a 438-unit multifamily property in northern Tampa, Fla. The company purchased the 1986-built community from Starwood Capital in a privately negotiated transaction. Berkadia’s South Florida and Philadelphia teams arranged a $39.8 million Fannie Mae acquisition loan.

Located at 3831 Northgreen Ave. on 34 acres, Northgreen at Carrollwood is close to Gaither High School, the University of South Florida, as well as parks and major employers such as GTE Federal Credit Union or the Macdill Air Force Base. According to Yardi Matrix data, the property features 252 one- and 186 two-bedroom units in 38 two-story buildings. Amenities include:

  • a fitness center
  • clubhouse
  • tennis court
  • volleyball court
  • playground
  • four swimming pools
  • spa
  • 1,100 parking spaces
  • dog park
  • picnic areas
  • free Wi-Fi café

Capital improvements plan

Formerly known as Landmark at Grand Palms, the asset will soon undergo a $3.5 million revamp. Capital improvements will include updated lighting and plumbing fixtures with plank flooring in common areas and various amenity and clubhouse enhancements.

“This investment increases our footprint in the highly sought-after Tampa MSA, which consistently experienced 2.9 percent job growth over the past four years and added 42,800 jobs in 2016,” said Electra America CIO Christine DeFillippis, in prepared remarks. The average household income within a one-mile radius is $75,000, according to DeFillipis. At the time of the sale, the property was 96 percent occupied and effective rents were at $981.

The deal marks Electra’s sixth multifamily property acquisition in the state of Florida so far this year.

Images courtesy of Northgreen at Carrollwood website