JV Acquires Tampa Luxury Community for $54M
- Jun 21, 2019
A joint venture between TM Real Estate Group and Lindy Property Management has acquired The Addison at Tampa Oaks, a 262-unit luxury community in Temple Terrace, Fla. ContraVest sold the asset for $54.2 million or $207,061 per unit. JBM Institutional Multifamily Advisors facilitated the transaction.
Located at 13052 Tampa Oaks Blvd., the property is right off Interstate 75 and across the road from Lower Hillsborough Wilderness Preserve. The immediate area holds numerous schools, including the University of South Florida, and employers such as MediaLab 3D Solutions and Verizon. Downtown Tampa is 16 miles southwest of the community and Tampa International Airport is within a 30-minute drive.
Constructed in 2016, Addison at Tampa Oaks consists of three three- and four-story buildings sitting on a 9-acre site, as per Yardi Matrix data. The unit mix features studios and one to three-bedroom apartments, floorplans ranging from 568 to 1,480 square feet. All units have granite counter and vanity tops, wood cabinetry, stainless steel appliances and faux-wood plank flooring. Common-area amenities include a resort-style swimming pool with expansive sun deck, a fitness center with virtual fitness and a resident clubhouse with business center, coffee bar and catering kitchen. The property was 93.9 percent occupied as of May.
Since 2006, ContraVest has developed seven Addison-branded communities across Florida. Last October, the company sold a 292-unit Addison property in Orlando for $63.8 million.