Sinatra & Co. Acquires Tampa Asset
Eagle Property Capital sold the property for $45.7 million.
Sinatra & Co. Real Estate has acquired Captiva Club, a 361-unit multifamily community in Tampa, Fla., for $45.7 million, from Eagle Property Capital. Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction on behalf of the seller.
City National Bank of Florida provided a $47 million permanent loan, according to Yardi Matrix data. The same data provider shows that the property last traded in 2016 for $32.7 million.
Completed in two phases—in 1976 and 1998—Captiva Club encompasses 27 two-story buildings, which include studio, one-, two- and three-bedroom floorplans that range from 443 to 1,500 square feet. Common area amenities include a playground, a fitness center, two swimming pools, a coworking space and laundry facilities, along with 900 parking spaces.
Located at 4401 Club Captiva Drive, the 20-acre property is roughly 9 miles from downtown Tampa, as well as less than 5 miles from the Tampa International Airport. A variety of retail and dining options are located along Memorial Highway.
Tampa’s decelerating multifamily market
In the first five months of 2023, multifamily sales in Tampa amounted to $440 million, a significant drop from the $3.1 billion figure registered during the same period in 2022, a recent Yardi Matrix report shows. The average price per unit also dropped by 24.6 percent year-over-year, to $176,074, according to the same source.
IPA’s Senior Vice President Sean Williams and First Vice President Justin Basquill, along with Executive Managing Director Shelton Granade and Senior Managing Director Luke Wickham represented the seller and procured the buyer.