Tampa Multifamily Wrap-Up – March 2020

Blaze Partners buys luxury apartments. Related Group kicks off next part of $350 million project. Read our March list of Tampa's must-knows.
Mirrorton Apartments. Image courtesy of Walker & Dunlop

Tampa Bay’s multifamily sector began the month on a solid footing: The next phase of a $350 million redevelopment got underway and several communities changed hands. However, the second half of the month moved at a slower pace as concerns surrounding the novel coronavirus took hold. With county governments ordering most of the metro’s population to remain at home and non-essential businesses shuttering, the full impacts of COVID-19 on the market’s multifamily real estate have yet to be fully determined. Here’s our March selection of Tampa Bay’s must-knows:  

1. FINANCING – Lakeland development scores $50 million in financing.

Walker and Dunlop secured the loan through a HUD program on behalf of Framework Group. The 305-unit Mirrorton Apartments will have 15 units for residents earning 85 percent of the area median income or less. Property amenities will include a fitness and yoga center. The project’s 13.6-acre site is located near the city’s historical quarter.

2. DEAL – Blaze Partners buys Tampa luxury asset.

Carter sold Nine15 Apartments, a 362-unit property which opened its doors in 2017. The seller had developed the asset with a $70 million loan from PCCP. Located at 915 N. Franklin St. in Tampa, the 23-story community has a mix of studio, one- and two-bedroom units. Common-area amenities include a fitness center and rooftop pool.

3. FINANCING – 29th Street Capital gets $18 million acquisition loan.

The buyer purchased Southern Cove, a 180-unit value-add community 10 miles from downtown Tampa at 8741 Grove Terrace. The 1974-built property’s amenities include a business center, clubhouse and swimming pool. Berkadia secured the three-year, interest-only Freddie Mac loan with a 3 percent floating interest rate.

4. DEAL – Marcus & Millichap arranges two Tampa Bay deals.

The company represented the buyers and sellers in both trades. The transactions included the $4.3 million disposition of the 56-unit Seminole Village Apartments at 7770 Starkey Road in Seminole and the $2.2 million sale of Madison on 4th, a 21-unit community at 111 SW Madison Circle N. in St. Petersburg. 

5. DEVELOPMENT – Related Group kicks off $350 million West River project.

The company’s affordable housing division began construction on The Boulevards at West River, part of the larger, 120-acre redevelopment in Tampa, according to Tampa Bay Business Journal. The city had leveled an aging affordable property in 2017 to clear the way for the new project. The development will have both market-rate and affordable units. The property, developed in partnership with the Tampa Housing Authority, will also have significant retail space.