Tampa Multifamily Wrap-Up – October 2020

Clearwater asset sells in $100.5 million portfolio deal. Residential Management lands $61 million refi. Read our October selection of Tampa must-reads.
Altis at The Preserve. Image courtesy of The Altman Cos.

October was a relatively active month for Tampa Bay’s multifamily sector, with several investors expanding or consolidating portfolios across noteworthy deals. Meanwhile, development hummed along, with more than 14,000 units under construction across the metro going into November, according to Yardi Matrix data. Check out our October list of Tampa must-knows:   

1. DEAL – Clearwater asset trades as part of $100.5 million portfolio deal.

American Landmark’s Electra America affiliate purchased the 276-unit Fairways at Feather Sound from The RADCO Cos., together with the 336-unit Onyx Winter Park in Casselberry, north of orlando. Located at 13621 Feather Sound Circle E. near Interstate 275, the Clearwater asset totals 20 buildings completed in 1985. CBRE arranged the two acquisitions that expand American Landmark’s portfolio to roughly 34,000 units across the Southeast U.S.

2. FINANCING – Residential Management lands $61 million for 960-unit refi.

Capital One originated the 10-year, Fannie Mae financing for the 244-unit The Park at Chesterfield, the 122-unit Oak Manor at Temple Terrace, the 82-unit Greenwich Commons, the 256-unit Hidden Palms in Tampa and the 256-unit Fisherman’s Landing in Temple Terrace. The Class B and C communities were completed between 1972 and 1987.

3. DEVELOPMENT – The Altman Cos. opens Odessa luxury community.

The 350-unit Altís Grand at The Preserve occupies nearly 18 acres at 2136 S. Branch Blvd. The developer broke ground on the project last year, financing the construction with a $39.8 million loan from TD Bank, according to Yardi Matrix data. The upscale property has one- to three-bedroom floorplans ranging from 722 to 1,479 square feet. Amenities include a swimming pool, business center, fitness center and car wash.

4. DEAL – Newly built Lutz community changes hands for $51.8 million.

Lindy Property Management purchased the 252-unit Iris at Northpointe from RangeWater Real Estate. Newmark provided the buyer with a $33.2 million Fannie Mae loan, due to mature in 2032. The 2019-completed property occupies nearly 22 acres at 17000 Fountainside Loop, 2 miles from downtown Odessa. The unit mix includes one- to three-bedroom apartments averaging 942 square feet.

5. FINANCING – Integra Land takes out $39.9 million for Riverview project.

Synovus Bank provided construction financing for the planned 332-unit Integra Palms, Yardi Matrix shows. The multifamily development will take shape on 21.3 acres at the intersection of Bloomingdale Avenue and Gornto Lake Road. At full build-out, the community is set to comprise seven two- and four-story buildings, which will also include retail. Construction is expected to start next year.

6. DEAL – Greystar makes $43.5 million Clearwater purchase.

The RADCO Cos. sold City Park Clearwater, a 228-unit community at 101 S. Old Coachman Road. Newmark provided $28.4 million in financing through Fannie Mae. Completed on 7 acres in 1990, the nine-building property has a mix of one-, two- and three-bedroom units averaging 1,010 square feet. The property is west of Tampa, at the intersection of Highway 19 and State Route 60.