A joint venture between a Fortune 500 insurance firm and Providence Real Estate has acquired IMT Boot Ranch in Palm Harbor, Fla., from IMT Capital. The 432-unit community changed hands for $80 million, Pinellas County public records show. Manhattan-based Capital Ocean arranged the venture and Walker & Dunlop originated a $55.2 million, seven-year Freddie Mac acquisition loan for the new owners. The property will be rebranded as The Boot Ranch.
Located at 1350 Seagate Drive, the community is adjacent to a retail center, roughly 17 miles from Tampa International Center and less than 21 miles from downtown Florida. The asset comprises a range of one- to four-bedroom apartments in 17 three-story buildings completed in 1996 on a 31-acre site. Common-area amenities include two swimming pools, a tennis court, an outdoor grill pavilion, a fenced dog park and boat parking. In May, the property was 94.7 percent occupied, per Yardi Matrix information. The new owners intend to implement a value-add improvement program that will include both the interiors and the exteriors.
Outside investors, including New York-based ones, are looking at markets like “Tampa, Orlando, Houston, Phoenix, and Nashville that are so business-friendly,” which is “reflected in rent growth, and in institutional capital allocators wanting to be in those markets,” Eric Weinberg, founder of Capital Ocean, told Multi-Housing News. The Tampa market especially has seen continued demand due to its pro-business environment and quality of life, according to a Yardi Matrix seasonal outlook.