Partnership Buys Circle at Crosstown in $64.5M Deal
- Jan 09, 2012
The 300-unit Circle at Crosstown has recently traded hands, part of a $64.5 million portfolio that also included the 336-unit Circle at Bartram Park in Jacksonville. The two assets built by Crescent Resources in 2009 are now the property of a partnership formed by Atlanta-based JMG Realty Inc. and Birmingham, Ala.-based HighPoint Holdings L.L.C. According to the Tampa Bay Business Journal, HighPoint also owns the Tuscany Bay Apartments in Tampa.
The Circle at Crosstown complex, located at 1820 Crosstown Club Place in Brandon—currently one of Tampa’s strongest-performing submarkets—commanded a sale price of $35.3 million, or $117,500 per unit. Its 300 units feature chef-inspired kitchens, screened patios/balconies and generous walk-in closets and pantries, while the community offers detached, attached and direct-access garages; a resort-style pool with cabana; a clubhouse; and a fitness facility. The Class A multifamily property has a strong green component: Numerous large oaks have been saved on the site, and it features a LEED-certified clubhouse and is 100 percent smoke free.
The transaction was brokered by the Jacksonville and Tampa offices of Atlanta-based Apartment Realty Advisors, with its Central and North Florida-based sales team led by principal Kevin Judd, senior vice president Patrick Dufour and vice president Matt Wilcox representing the seller. “Circle at Crosstown recently completed lease-up, providing this core-quality asset with additional upside potential to continue to increase effective rents on renewals,” commented Patrick Dufour. The purchase entity Crosstown Tampa Investors L.L.C. mortgaged the property to CW Capital L.L.C. for $24.3 million.
Photo Credits: Circle at Crosstown Official Website