West Shore Pays $122M for Tampa Rental
- Dec 02, 2019
Crescent Real Estate has sold Grande Oasis at Carrollwood, an 883-unit community in Tampa, Fla. Boston-based real estate firm West Shore purchased the Class B asset for $121.8 million, continuing its investments in Southern and Southeastern markets.
The sale was also subject to a $97 million Fannie Mae loan originated by Walker & Dunlop, due to mature in 2029.
Located at 8649 N. Himes Ave., the 58-acre property is about 9 miles northwest of downtown Tampa near Dale Mabry Highway. The community has several public transit stations located nearby and the Fountain Oaks shopping mall is just across the street. The University of South Florida is roughly 7 miles northeast.
Completed in 1991, the multifamily property consists of 39 three-story buildings partially surrounding a seven-acre lake. The unit mix features both studios and one- to three-bedroom floorplans, ranging in size from 523 to 1,300 square feet. Common-area amenities include three swimming pools, three tennis courts, a fitness center and a nature preserve with a one-mile walking trail. The property was 98.2 percent occupied as of October, per Yardi Matrix data.
Initially a 1,000-unit rental property, Grande Oasis at Carrollwood underwent a partial conversion process. As a result, 117 units became individually owned condominiums.