Tampa Multifamily Wrap-Up – November 2020

ESG Kullen sells two for $146.8 million total. Passco Cos. invests $78.5 million. Read our November selection of Tampa must-knows.
Grand Pavilion. Image courtesy of Berkadia

Tampa Bay multifamily recorded sustained activity in November, with both value-add and luxury assets changing hands in noteworthy deals, building on the sector’s recovery during the third quarter. New developments also kicked off, adding to the existing pipeline of more than 14,000 units under construction across the metro, according to Yardi Matrix data. Here’s our November list of Tampa must-reads:

1. DEAL – ESG Kullen sells two for a total of $146.8 million.

Stoneweg US paid $114 million for the 688-unit Trellis at the Lakes in St. Petersburg. Berkadia provided the buyer with $36 million of equity through a life insurance company. The 1981-completed community at 11401 Dr. Martin Luther King Jr. St. N. comprises 46 buildings. In a different transaction, Praxis Capital acquired Grand Pavilion in Tampa for $32.8 million, financing the purchase with a $24.4 million Freddie Mac loan also arranged by Berkadia. The 264-unit asset at 3110 Grand Pavilion Drive came online in 1986.  

2. DEAL – Passco Cos. makes $78.5 million Land’O’Lakes investment. 

Arlington Properties and Brightwork Real Estate sold the 341-unit Tapestry Cypress Creek. KeyBank Real Estate Capital secured $50 million in acquisition financing, while the buyer assumed a $41 million mortgage provided by ServisFirst Bank in 2017. Built in 2019, the luxury community at 2300 Tapestry Park Drive comprises eight four-story buildings. Amenities include a swimming pool, fitness center, business center and club room. 

3. FINANCING – Woodfield Investments lands $52.4 million for Apollo Beach project.

Bank of Texas provided the developer with the four-year financing for the construction of Waterset. The 290-unit community will take shape on a 21-acre lot at the intersection of Paseo Al Mar Boulevard and 30th Street. The multifamily property will encompass four buildings, with the list of amenities set to include a swimming pool, a clubhouse and free-standing garages.

4. DEVELOPMENT – Falcone Group breaks ground on Riverview community.

Sentosa Riverview will be a 368-unit, market-rate property located on Highway 301 and Whitt Road. The development team also includes ARC3 Architecture Inc. as project architect and Summit Contracting Group as general contractor. Upon completion, the nine-building community will feature various amenities such as a clubhouse, swimming pool, playground and dog park. Delivery is slated for summer 2022.

5. DEAL – Tampa Heights community changes hands for $22.2 million.

Otto Investment Group acquired the 140-unit West River Flats from a private investor and Benefit Street Partners provided $14.1 million for the purchase, according to Yardi Matrix. The Class C property at 1545 West Spruce Terrace consists of 13 two-story buildings developed in 1964. The unit mix features one- to three-bedroom floorplans averaging 818 square feet.