Starwood Sells Tampa Apartments for $76M
In a bit of a twist, the community's new owner was also just acquired.
Starwood Capital Group has sold Bridges at Crosstown, a 344-unit community in Tampa, Fla., according to Yardi Matrix. Bridge Investment Group paid $76.3 million for the rental property.
The new owner took out a $52 million, five-year Freddie Mac loan originated by Prudential Financial, the same source shows. Starwood had acquired the asset in 2021 from Centennial Holding Co., as part of a 16-community portfolio across six states.
The news comes just as Apollo entered into a definitive agreement to acquire Bridge Investment Group for $1.5 billion. That deal is expected to close in the third quarter of this year.
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Located at 9712 Bosque Creek Circle, the community formerly known as Century Crosstown is less than 9 miles from downtown Tampa. The city’s international airport is some 17 miles away.
Bridges at Crosstown came online in 2013 and encompasses 14 three-story buildings spread across almost 3 acres. The unit mix consists of one-, two- and three-bedroom floorplans varying from 781 to 1,372 square feet.
Common-area amenities include a fitness center, clubhouse, swimming pool and business center, as well as EV charging stations. The community also has sundecks and cabanas, outdoor lounges with fireplaces, computer lounge and media room, as well as an outdoor kitchen with grilling stations.
More Tampa apartments trade for more on average
Multifamily sales in metro Tampa totaled $2.4 billion last year, with some 50 properties trading, according to Yardi Matrix information. In 2023, 49 properties changed hands for roughly $2 billion. Year-over-year, the average price per unit recorded an uptick, from $201,405 in 2023 to $220,721 last year.
In one of the metro’s largest deals of 2024, Bluerock Real Estate acquired Amira at Westly for $103 million. Only a handful of other residential Tampa deals were in the same league last year, including the sale of student housing asset The Henry, which commanded almost $130 million. Pointe on Westshore also made the list, with Electra America shelling out $134 million for the community that broke ground in 2019 and came online in 2022.
