Tampa Multifamily Wrap-Up – July 2020

Alta Gateway. Image courtesy of Wood Partners

Although Tampa Bay’s multifamily sector faces an uncertain future in light of the rapid escalation in new COVID-19 cases statewide, the market saw a surprising amount of activity in July. The Florida government had a mixed response to challenges brought by the pandemic: Although Governor DeSantis extended the state’s eviction and foreclosure moratorium through the beginning of September, he cut $225 million from one the state’s key affordable housing initiatives. Even so, investment in the Tampa-St. Petersburg area picked up speed in July, and development in the metro also kept on, with more than 4,000 units expected to deliver by year-end. Here’s our July selection of Tampa must-reads: 

1. DEAL – Bridge Investment makes $101.3 million portfolio buy.

Forum Real Estate Group sold the 208-unit Viera Bayside in St. Petersburg and the 390-unit Veranda at Westchase in Tampa. As part of the deal, the buyer also assumed existing Fannie Mae loans totaling $54.3 million. The 13-building St. Pete property is at 500 110th Ave. N. in the Gateway Business District. Located at 12401 W. Hillsborough Ave., the 30-building Tampa community comprises one- to three-bedroom units. CBRE assisted both parties in the deal.

2. FINANCING – PAC lands $87.4 million in loans for two properties.

In the first transaction, KeyBank originated $46.5 million in Freddie Mac financing for Crosstown Walk, a community with 522 units in Tampa’s Clair-Mel City submarket, according to Yardi Matrix. Located 9 miles east of downtown at 10151 Iris Crosstown Drive, the Class A community has 19 buildings across 27 acres.

Separately, Preferred Apartment Communities received a $40.9 million Freddie Mac loan from JLL for the 296-unit Citrus Village. The 17-building property at 7940 Citrus Garden Drive has one- to three-bedroom floorplans ranging from 742 to 1,659 square feet. Property amenities include a swimming pool, gym, business center and game room.

3. DEAL – Bainbridge Cos. cashes in on $64 million St. Petersburg sale.

White Oak Partners acquired 930 Central Flats, financing the purchase with a $37.6 million Fannie Mae loan from Newmark Knight Frank, according to Yardi Matrix. Bainbridge completed the 218-unit luxury property in 2019, backed by a $30.6 million construction loan from Citizens Bank. The six-story building at 930 Central Ave. comprises one- and two-bedroom floorplans averaging 828 square feet.

4. DEVELOPMENT – Wood Partners delivers Pinellas Park luxury community.

The developer broke ground on the 288-unit Alta Gateway last year, financing construction with a $33.1 million loan from Synovus Bank. Located at 9505 49th St. N. alongside Highway 19, the community has studio and one- to three-bedroom apartments ranging from 637 to 1,394 square feet. Amenities include a saltwater pool with a sundeck, fitness center and game lounge.

5. DEAL – Clearwater property trades for $55.8 million.

Ashcroft Capital purchased the 416-unit Woodland Key from a private investor, rebranding the asset as Anthem Clearwater. Working on behalf of the buyer, CBRE provided a $38.8 million acquisition loan through Freddie Mac. Situated on nearly 24 acres at 2770 Roosevelt Blvd., the property encompasses 52 two-story buildings completed in 1974. Amenities include a gym, two swimming pools, two laundry facilities and a dog park.