Tampa Bay Condos Sell for $38M

Palmera Pointe totals 361 units in 40 buildings.

Axonic Properties LLC has purchased 246 units at Palmera Pointe, a 361-unit multifamily community in Tampa, Fla. Luna Partnership One LLP sold the condominium units for $37.5 million, according to public records.

JLL Capital Markets brokered the transaction, with Managing Director Zach Nolan and Director Drew Jennewein leading the Investment Sales Advisory team working on behalf of the seller.

Santander Bank provided a $25 million, five-year loan for the acquisition of the units, the same sources show. Palmera Pointe totals 361 units, of which 246 under a single ownership and 114 units remain held by individual owners.

Completed in 1974, Palmera Pointe comprises 40 buildings spread on some 20 acres. The two- and three-story buildings incorporate one-, two-, three- and four-bedroom floorplans ranging between 775 and 1,599 square feet. Common-area amenities include three swimming pools, a fitness center, a clubhouse, a playground, laundry facilities, controlled access and approximately 780 parking spaces. The units feature washers and dryers, vaulted ceilings and private balconies or patios.

Located at 7417 Palmera Pointe Circle, the garden-style community is within the Town ‘n’ Country submarket. Palmera Pointe is adjacent to the Westshore Business District, Tampa Bay’s largest employment market and the region’s most prominent retail destination. 

Tampa’s strong growth fundamentals continue to attract both institutional and private capital looking to capitalize on these trends, Nolan said in a prepared statement. According to a Yardi Matrix report, year-to-date through September in 2023 developers delivered 6,774 units in the metro, while approximately 17,697 units were under construction.

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