JV Acquires Tampa Multifamily Portfolio for $64M
- Jul 02, 2019
A joint venture between TruAmerica Multifamily and RSE Capital Partners has acquired a two-property, 454-unit multifamily portfolio in the Tampa, Fla., metro area for $63.8 million. According to Yardi Matrix data, The Kislak Org. sold Twin Lakes Apartments, a 262-unit community in Palm Harbor, and Runaway Bay Apartments, a 192-unit asset in Pinellas Park. Newmark Knight Frank marketed the properties on behalf of the seller and arranged a 10-year agency financing for the buyer.
The acquisition marks the first joint venture between TruAmerica and Washington D.C.-based RSE Capital Partners and expands TruAmerica’s Florida portfolio to nearly 5,000 units, with 20 percent in the Tampa-St. Petersburg market. The company made several purchases this year, adding a 472-unit community in Orlando in February and a 272-unit asset near Orlando in March. The most recent transaction involved a Las Vegas 896-unit property sold for a record price in June.
Newmark Knight Frank Multifamily Vice Chairman Patrick Dufour and Director Ryan Crowley marketed the properties on behalf of the seller, while Executive Managing Director Mitch Clarfield and Director Ryan Greer secured the acquisition financing for the buyer.
A portfolio to improve
Twin Lakes is located at 31790 U.S. Highway 19 N., roughly 25 miles from downtown Tampa. The 26-acre property holds 28 two-story buildings developed in 1986 that were 96.9 percent occupied in May, per Yardi Matrix. The community last sold in 2013 for $19.7 million.
Built in 1985, Runaway Bay is situated at 4701 88th Ave. N., 19 miles from downtown Tampa and roughly 16 miles south of Twin Lakes. The community consists of 12 two-story buildings constructed on a 13-acre site and was 98.4 percent occupied in May. The property last changed hands in 2012, when it traded for $12 million.
Each community features a mix of one- and two-bedroom floorplans with an average size of 826 and 862 square feet, respectively. Common-area amenities are somewhat similar, including a waterscape, swimming pool, fitness center and clubhouse, among others.
The new ownership will implement a capital improvement plan across the portfolio, renovating the interiors with high-end finishes. Exterior and common area upgrades are also planned, including new signage, landscaping, a new outdoor kitchen and refreshing of the clubhouse, fitness center and pool areas.