Praedium Pays $84M for Tampa-Area Luxury Asset

The property came online earlier this year.

Tessa Springs

Tessa Springs is adjacent to the Wilderness Conservation Park. Image courtesy of Yardi Matrix

The Praedium Group has acquired Livano Uptown, a 292-unit luxury multifamily community in Thonotosassa, Fla. LIV Development sold the asset for $83.8 million, according to Yardi Matrix data. The property has been rebranded as Tessa Springs.

Completed in 2023, the community comprises seven three-story buildings with one-, two- and three-bedroom floorplans ranging from 760 to 1,665 square feet. The property also features 5,000 square feet of office space and 17,000 square feet of retail.

Apartments feature ceiling fans, in-unit washers and dryers, storage units and private balconies. Common-area amenities include a swimming pool, a fitness center, a pet park, a clubhouse and outdoor grilling stations, as well as 578 parking spaces with 31 attached garages and EV charging stations.

Located at 11810 Uptown Walker Place, the 32-acre property is 15 miles from downtown Tampa between Interstate 75 and Highway 301. The location is also roughly 12 miles from Brandon, Fla., and close to the Tampa Innovation District which is undergoing $1.5 billion in development.

In prepared remarks, Praedium Principal Chris Hughes stated that Tampa multifamily deliveries don’t keep pace with the area’s population growth. Yardi Matrix data shows that 23 communities, totaling more than 5,800 units, have entered the metro’s inventory since the beginning of the year. One of them, a 300-unit luxury property in Riverview, Fla., came online earlier this month.

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