FCP Snags $24M Tampa Community

Federal Capital Partners has acquired The Commons Apartments, a 200-unit, garden-style property. The company plans upgrades, including converting the leasing office to a gym and the addition of washer-dryers to individual apartments.

c2dg-com-0033 smallerFederal Capital Partners (FCP) has acquired The Commons Apartments in Tampa, Fla. Chevy Chase, Md.-based FCP paid $24 million for the 200-unit, garden-style rental property located just off North Dale Mabry Highway in Northwest Tampa. The rental community features a selection of unusually large two-, three- and four-bedroom, family-friendly apartment homes.

The Commons Apartments delivers amenities that include barbecue and picnic area, playground, dog park, clubhouse and swimming pool. The expansive, air-conditioned apartments feature private balconies, kitchen pantries, oversized closets and other features likely to appeal to families.

Close to everything

The location of the apartment community, in the greater Egypt Lake-Leto neighborhood about six miles northwest of Tampa city center, puts residents within a few minutes of parks, beaches, shopping, Tampa International Airport and interstate highways crisscrossing the Sunshine State. Just to the west is North Dale Mabry, a commercial strip that is one of the most heavily traveled north-south arteries in Tampa.

“We know that market well, as we own this 200-unit community as well as 615 units in three different properties in the same submarket,” FCP vice president Jason Ward told MHN. “We were attracted to the unusually large sized units, which accommodate families well . . . The property is across the street from an elementary school.”

FCP plans upgrades to the community that will include the conversion of the leasing office to a gym, and the addition of washer-dryers to individual units. “We really like the unit mix and the unit sizes,” Ward said. “The challenges are a lack of compelling common-area spaces. However, we intend to improve and expand the amenities soon.”  

Strategic addition

Matt Mitchell and Zach Nolan of HFF represented the seller. Elliott Throne and Preston Reid of HFF represented FCP in securing financing. FCP has made six investments in Central Florida in the past 1.5 years, and the company’s portfolio now consists of 815 operating multifamily units in addition to 603 financed units under development.

The location, the extraordinarily large units and access to excellent schools, the Westshore Business District and other major employers and nearby amenities make this a very strategic addition to our Tampa communities,” Ward said.