Passco Buys Suburban Tampa Community for $79M
- Nov 13, 2020
Passco Cos. has acquired Tapestry Cypress Creek, a 341-unit community in Land O’Lakes, Fla., from Arlington Properties and Brightwork Real Estate, for $78.5 million, according to Pasco County records. As part of the deal, the new owner assumed a $41 million mortgage that ServisFirst Bank provided for the seller and developer in 2017. KeyBank Real Estate Capital secured $50 million in acquisition financing, recapitalizing the old debt.
Built in 2019, the community is located at 2300 Tapestry Park Drive, roughly 20 miles north of central Tampa. The roughly 14-acre site is within a mile’s radius of Tampa Premium Outlets retail center, while Interstate 275 is 1.5 miles away.
Tapestry Cypress Creek comprises one-, two- and three-bedroom apartments across eight four-story buildings. Common-area amenities include a swimming pool, fitness center, business center and club room. According to Yardi Matrix, all living units have washer/dryers and above-standard ceiling heights.
The KeyBank team included Caleb Marten of the Commercial Mortgage Group and Chris Neil of the lender’s Institutional Real Estate Group. Earlier this year, Marten was also involved in Passco’s $78 million purchase of One Hampton Lake, a 330-unit community in South Carolina.