Tampa Multifamily Wrap-Up – August 2020

Tampa and St. Pete luxury condo towers go vertical. Lutz property trades for $31 million. Here’s our August selection of Tampa must-reads.

Tampa skyline. Image by Kody Cheyne via Unsplash.com

Tampa Bay saw a moderation of the coronavirus pandemic in August, after new COVID-19 cases had peaked statewide in mid-July. In an ongoing effort to alleviate the health-care crisis’ effects, authorities continued to sponsor rental assistance programs, and Governor DeSantis extended the state’s moratorium on evictions and foreclosures through Oct. 1. Additional relief could come by way of the Centers for Disease Control and Prevention, which announced a nationwide eviction ban through Dec. 31 in early September. The calmer climate encouraged renewed multifamily activity across the metro, both in terms of investments and new developments. Read our August selection of Tampa must-knows: 

1. DEVELOPMENT – $220 million luxury condo towers go vertical.

Kolter Urban, the developer behind ONE St. Petersburg, started construction on the 22-story Hyde Park House in Tampa and the 35-story Saltaire in St. Petersburg, according to Tampa Bay Business Journal. SB Architects designed both projects, and Kast Construction is the general contractor. Featuring a wide array of floorplans and high-quality amenities, the 70-unit Hyde Park House will rise on Bayshore Boulevard, while the 196-unit Saltaire is taking shape at 300 First St. S. Completion is expected in late 2022. 

2. DEVELOPMENT – Milhaus opens its second Artistry community in St. Pete.

Located at 1661 Central Ave., the 246-unit Artistry St. Pete includes 10,000 square feet of retail and 324 parking spaces. The developer broke ground on the $52 million, high-end community in January 2019. The unit mix has studio, one-, two- and three-bedroom floorplans ranging from 525 to 1,257 square feet. Amenities include a maker’s space, a pool, a rooftop lounge, coworking space and an art gallery.

3. DEAL – Lutz property changes hands for $30.6 million.

Praxis Capital sold the 232-unit Turtle Creek to American Residential Investment Management. The garden-style community at 14620 Turtle Creek has 13 two-story buildings completed in 1985. The unit mix features one- and two-bedroom floorplans ranging from 450 to 1,010 square feet. Amenities include two swimming pools and a fitness center. The 20-acre property is 2 miles from Interstate 275 and 15 miles from downtown Tampa.

4. DEVELOPMENT – Brandon residential project is underway.

LIV Development broke ground on the 296-unit Santos Flats Apartments on Causeway Boulevard, roughly 12 miles east of downtown Tampa. Designed by Charlan Brock & Associates, the community will consist of two four-story buildings and five two-story buildings with one- to three-bedroom floorplans. Amenities will include a clubhouse, saltwater swimming pool and fitness center, as well as private workspaces and event lounges. The project is slated for completion in winter 2021.

5. FINANCING – JLL arranges Clearwater community refi.

A private equity partnership managed by Preston Giuliano Capital Partners received a $24 million Freddie Mac loan for the 188-unit Enclave at Northwood. Proceeds retired existing debt and funded additional improvements. Situated on 10 acres at 2690 Enterprise Road E., the 1984-built community has one- to three-bedroom units in 22 buildings. Common-area amenities include a fitness center, a clubhouse and two swimming pools. 

6. DEVELOPMENT – South Tampa luxury community opens doors.

Harbour at Westshore occupies 5 acres at 5320 S. West Shore Blvd. Inland National Development Co. built the 192-unit community, financing the construction with a $33.5 million loan from Parkway Bank and Trust, Yardi Matrix shows. The three five-story buildings have studio, one- and two-bedroom residences averaging 911 square feet. Amenities include a fitness center, heated swimming pool, wooded dog park and electric vehicle-charging stations.

7. DEAL – Odin Properties buys 407 units near Copeland Park.

Tzadik Management sold Tzadik Oaks, the rental component of a former 467-unit condo asset, for $22.8 million, according to Yardi Matrix information. Greystone provided the buyer with a $17.6 million acquisition loan through Fannie Mae. The 1985-built community occupies more than 11 acres at 1250 E. 113th Ave. in an Opportunity Zone. Its 15 two-story buildings house studio and one-bedroom floorplans averaging 405 square feet. The property last traded in 2015 for $6.5 million.

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