Tampa Property Trades for $36M

Harbor Group International sold the community to Frankforter Group. Fannie Mae facilitated the transaction with $28.9 million in acquisition financing.
Sweetwater Cove

Frankforter Group has acquired Sweetwater Cove, a 288-unit community in Tampa, Fla., for $35.5 million, or $123,264 per unit. Harbor Group International traded the property, which was subject to a $29 million Fannie Mae loan, according to Yardi Matrix data.

Located at 5430 Ginger Cove Drive, the community sits on 18 acres across from Skyway Park. Sweetwater Cove is in proximity to Freeway 589, nearly 5 miles from Tampa International Airport and 9 miles from downtown. Additionally, the community is close to employment centers such as Bay West Commerce Park and Island Center.

Built in 1978, the 18-building property comprises a mix of one- to three-bedroom units averaging 1,130 square feet, featuring washers and dryers, semi-private entry and private balcony or patio. Communal area amenities include:

  • fitness center
  • business center
  • clubhouse
  • tennis court
  • two swimming pools
  • spa
  • laundry facilities
  • 850 grade-level parking spaces

Earlier this year, Harbor Group International purchased Halstead Westborough, a 280-unit property in Westborough, Mass., for $75.8 million.

Image courtesy of Yardi Matrix