Luxury Community Changes Hands in Tampa

An affiliate of Nuveen Real Estate has acquired the 366-unit multifamily property located in Hillsborough County. Newmark Knight Frank represented the seller in the disposition.
Azola Apartments
Azola Apartments. Image courtesy of Yardi Matrix

ZOM Living, in a joint venture with affiliates of The Mattoni Group and Clarion Partners, has sold Azola Apartments, a 366-unit luxury garden-style community located in Riverview, Fla., to an affiliate of Nuveen Real Estate. Newmark Knight Frank represented the seller in the disposition.

Located at 9303 Cobalt Drive in Hillsborough County, the community is adjacent to Interstate 75 and close to the Selmon Expressway. Downtown Tampa is less than 11 miles northwest of the property and Westshore Business District is within a 20-minute drive. Beaches, shopping venues and major employment centers are also easily accessible.

Completed in 2018, Azola Apartments encompasses 13 three-story buildings spread across 25 acres. The unit mix features one-, two-, and three-bedroom apartments with floorplans ranging from 704 to 1,471 square feet. On-site amenities include a clubhouse with cyber-café, game room with virtual sports simulator, dog park and dog spa and a fitness center with cardio and cycling studios. The clubhouse is near a resort-style pool with beach entry, private cabanas and a grilling station.

As of March, the property was 92.6 percent occupied, Yardi Matrix data shows. According to ZOM Living, the community had an absorption rate of 30 apartments per month, achieving top tier rental rates for the Riverview/Valrico submarket. ZOM Living is also part of a joint venture developing a luxury 43-story community in the heart of downtown Miami.