Taurus Adds to Tampa Portfolio with $59M Deal
- Aug 16, 2019
Real estate private equity firm Taurus Investment Holdings has acquired Mezzo of Tampa Palms, a 340-unit community in Tampa, Fla., for $59 million. Cushman & Wakefield represented the seller, Preston-Giuliano Capital Partners, which parted with the asset for the equivalent of $173,529 per unit.
Located at 15210 Amberly Drive, the property was developed in 1992. Preston-Giuliano bought it in 2013 for $32 million, according to Yardi Matrix data, and completed more than $3.4 million in capital improvements since 2015. The community was more than 95 percent occupied at the time of sale.
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The garden-style property consists of 20 residential buildings of three stories, with a mix of one-, two- and three-bedroom units. The average unit measures 1,193 square feet, with an average market rent of $1,313. Upscale features of the homes include nine-foot ceilings, built-in entertainment centers, large patios and balconies, glass-enclosed showers and oversized soaking tubs, with select units offering garages with remote access.
Amenities of the gated community include a 7,000-square-foot clubhouse, fitness center, two pools and walking and jogging trails. The property sits on the northwest side of Bruce B. Downs Boulevard, the area’s main thoroughfare, within the Tampa Palms neighborhood of the city’s New Tampa district.
Enhanced asset changes hands
The improvements undertaken by Preston-Giuliano included new roofs, clubhouse renovations and upgrades to about 30 percent of the unit interiors. Cushman & Wakefield’s Luis Elorza, Brad Capas, Zachary Sackley, Robert Given and Michael Mulkern represented the company in the sale. Berkadia’s Mitch Sinberg, Matthew Robbins and Wesley Moczul arranged a $43.1 million Freddie Mac loan for the acquisition.
The acquisition boosts Taurus’ multifamily portfolio to roughly 3,300 units. The company recently marked the first investment for its value-added fund by scooping up another Tampa community, the 280-unit Lofton Place, Fla., for $43.2 million.