Two Tampa Communities Sell for $96M
- Aug 26, 2016
Tampa, Fla.–Two apartment properties have traded hands in Tampa, with two owners selling to the same buyer in deals worth a total of $95.6 million. HFF facilitated the sales and marketed the properties, to a private out-of-state investment company.
The first of the properties, Columns at Brandon West, was marketed on behalf of a joint venture between ECI Group and funds managed by Ares Management LP; it sold for $46 million. The second asset, Westbury at Lake Brandon, was marketed on behalf of an affiliate of Goff Capital Partners; it sold for $49.6 million. Both assets traded free and clear of existing debt.
Columns at Brandon West is a 342-unit community at 10011 Balaye Run Drive in Tampa, just off South Falkenburg Road. Completed in 2001, the property has 10 three-story buildings surrounding two lakes and offers one-, two- and three-bedroom units. Common amenities include a recently updated clubhouse and poolside lounge, resort-style swimming pool, outdoor kitchen, fitness studio, movie screening room, self-service car wash and nature trail surrounding one of the property’s two lakes. The property is 96 percent leased.
Westbury at Lake Brandon is about three miles southeast of Columns at Brandon West at 1210 Westbury Pointe Drive. The 366-unit property was completed in 2001 and includes one-, two- and three-bedroom units averaging 988 square feet. Common amenities include a swimming pool and spa, barbecue and picnic area, fitness center, clubhouse, coffee bar, business center, car care center, attached/detached garages and a lakeside walking trail. The property is 95 percent leased.
The HFF investment sales team representing the sellers was led by managing director Matt Mitchell and associate director Zach Nolan.“The apartment market in Tampa continues to offer investors solid fundamentals and a favorable outlook,” Mitchell said.