Tampa Rental Property Commands $26M

The Related Group purchased the 176-unit multifamily asset located in the Bayshore submarket. Cushman & Wakefield represented the seller and secured acquisition financing for the buyer.
Bay Oaks Apartments
Bay Oaks Apartments. Image courtesy of Cushman & Wakefield

Carter-Haston Real Estate Services has sold Bay Oaks Apartments, a 176-unit community in Tampa, Fla. The Related Group purchased the asset for $26.3 million, or $149,148 per unit. Cushman & Wakefield negotiated the deal on behalf of the seller and placed agency debt financing for the buyer with Barings Multifamily Capital.

Located at 3105 Bay Oaks Court in the Bayshore submarket, the community is adjacent to Selmon Expressway and close to the Westshore business district. Residents have easy access to many retail, dining and entertainment venues. Downtown Tampa is within a 10-minute drive and Tampa International Airport is approximately 8 miles north of the property.

Developed in 1974 on a 4.5-acre site, Bay Oaks offers a mix of studio, one- and two-bedroom residences averaging 607 square feet, according to Yardi Matrix data. All units have private balconies or patios, wood-style flooring and walk-in closets. Common-area features include a fitness center, swimming pool, clubhouse and car care center. The community was 97.2 percent occupied at the time of sale.

The Cushman & Wakefield team representing the seller in the transaction consisted of Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of the Florida Multifamily Group. Chris Lentz and Robert Kaplan of the firm’s Equity, Debt & Structured Finance Team procured the financing for the buyer.

Earlier this year, Elorza, Capas and Mulkern negotiated the sale of a 390-unit community in Brandon, Fla. The multifamily property traded for $63 million.