Tampa Multifamily Wrap-Up – April 2020

St. Petersburg project lands $157 million loan. PAC buys suburban Class A community. Catch up on our April selection of Tampa must-knows.
Tampa. Image via Pixabay.com

Despite the uncertainty surrounding the COVID-19 pandemic, Tampa Bay’s multifamily market remained active in April. Even though investment slowed in comparison to previous months, development carried on, with construction declared an essential service during the statewide safer-at-home policy enacted at the start of the month.

In addition to the lockdown order, local and state authorities have put protections in place for renters affected by the pandemic. On April 2, Governor DeSantis issued a 45-day moratorium on evictions for non-payment stemming from COVID-19. Midway through the month, Tampa Mayor Jane Castor announced the One Tampa: Relief Now, Rise Together fund, to provide rent, mortgage and utility payment assistance for one month to individuals and families most impacted by the coronavirus. Read our April selection of Tampa must-knows:

1. DEAL – Preferred Apartment Communities acquires 392-unit Wesley Chapel property.

The Altman Cos. sold Altis Wiregrass Ranch, a Class A community located at 28878 Golden Vista Blvd. Nationwide Life Insurance provided $52 million in acquisition financing, according to Yardi Matrix. The 10-year loan carries a 2.9 percent interest rate and has an amortization period of 30 years. Built in 2018, the property has a mix of one- to three-bedroom floorplans. Amenities include a theater, resort-style pool, gym and dog park.

2. FINANCING – Wells Fargo provides $156.6 million loan for condo high-rise.

The financing package for Saltaire came as The Kolter Group broke ground on the 35-story, 192-unit development in St. Petersburg. The SB Architects-designed project will have a private rooftop with views of the bayfront, and its amenities will include a pool, spa and fitness center. Located at 300 First St. S., the site is adjacent to a Hilton on the southern edge of the city’s downtown. Ashford Hospitality Trust had sold the hotel’s 2-acre parking lot to the developer for $17.5 million late last year, according to public records.

3. PEOPLE – American Landmark names operations executive.

The company promoted Executive Vice President of Operations Rachel Palmer to the role of chief administrative officer in Tampa. In her new position, she oversees operations for a nationwide portfolio of 90 communities. She joined the company in 2017, after spending four years as director of operations at Invitation Homes. She began her career in 2004 as a leasing associate at Landmark Residential.