TLR Group Pays $28M for Tampa Community

The 212-unit garden-style property last changed hands for nearly $20 million in late 2018.
River Pointe Apartment Homes

TLR Group has acquired River Pointe Apartment Homes, a 212-unit garden-style community in Tampa, Fla., for $27.5 million. Cushman & Wakefield represented the seller, Coastline Management Group.

The property last changed hands in late 2018, when Coastline paid $19.3 million to The Focus Group for the community, Yardi Matrix shows.

River Pointe Apartment Homes, located on 13 acres at 8024 Hidden River Drive, opened in 1973 and has 28 two-story buildings with one- to three-bedroom apartments. Unit sizes range from 530 to 1,550 square feet. The property, positioned on the south bank of the Hillsborough River, includes a clubhouse, a tennis court, a playground and two swimming pools.

The community, 8 miles north of downtown Tampa, is in a residential district less than 1 mile west of the North 56th Street retail corridor. Busch Gardens is 3 miles away, and the University of South Florida is 4 miles to the north.

The acquisition brings TLR Group’s Tampa Bay portfolio to 16 assets, most located on Tampa’s north side. Last year, the global investor traded a 369-unit multifamily asset 5 miles northwest of River Pointe for $43.7 milion.