Tampa Multifamily Wrap-Up – June 2020

Wellswood asset trades for $43 million. Legacy Partners breaks ground on ENCORE! apartments. Read our June selection of Tampa must-knows.

Legacy at Encore. Image courtesy of Legacy Partners

Following a massive spike in COVID-19 cases both at the metro and state level, multifamily investment in the Tampa Bay area continued to slow. At the end of the month, Governor DeSantis extended the state’s eviction and foreclosure moratorium, in place since April 2, through the start of August. Even amid uncertainty, however, several notable deals closed, and development work continued to move forward. Here’s our June selection of Tampa Bay must-reads: 

1. DEAL – RADCO Cos. cashes in on Wellswood asset.

TLR Group paid $42.8 million for the 372-unit Mabry Manor, with CBRE Capital Markets providing a $34.9 million Freddie Mac loan for the acquisition. Completed in 1984 on a 20-acre site, the community has now been rebranded as The Ava Apartments by the new owner. Located at 4902 N. MacDill Ave., the property has studio, one- and two-bedroom apartments in 21 two- and three-story buildings. The purchase brings TLR’s Tampa Bay portfolio to some 2,400 units.

2. DEVELOPMENT – Legacy Partners, Griffin Capital kick off downtown Tampa project.

The 228-unit Legacy at Encore will rise within the $3 billion master-planned ENCORE! development led by the Tampa Housing Authority. The community’s location at 1251 Ray Charles Blvd. puts it within half a mile of Union Station and the city center. The project team includes architect Dynamik Design and general contractor Summit Contracting Group. The five-story building will have studio, one- and two-bedroom units with delivery slated for early 2022.

3. FINANCING – Land O’ Lakes community scores $34 million refi.

Owner Primerica Group One used the HUD loan from Greystone to refinance the 252-unit Lakes at Collier Commons, retiring $33.3 million in debt taken in 2011 and 2016. Located on 32 acres at 22743 Preakness Blvd., the community’s 10 buildings delivered in 2004. The property’s units range from one- to three-bedroom apartments with an average size of 1,103 square feet. Amenities include a business center, swimming pool and playground.

4. DEAL – Kayne Anderson buys Trinity senior community.

A joint venture between Gulf Coast Development, Rookis Development and Watermark Retirement Communities sold the 117-unit Watermark at Trinity Independent Living for an estimate $25 million, according to Business Observer. The newly completed five-story building is at 1960 Blue Fox Way, within 30 miles of downtown Tampa and Clearwater. Since the beginning of the coronavirus pandemic, Kayne Anderson has invested some $250 million in Gulf Coast senior housing assets.

5. DEAL – CBRE closes St. Petersburg portfolio sale.

Second Half Properties sold the seven-property, 127-unit portfolio to Otto Investment Group for $10.6 million, with CBRE’s Joseph Thavis and Cameron Barbas representing both parties. The communities, all located within a mile and a half of each other, include Old Southeast Apartments, Tropical Shores, The Palms Apartments, Bayside Apartments, Park View Apartments, Lakewood Apartments and Uptown St. Petersburg. The new owner intends to make capital improvements at the properties located on Fourth Street, 16th Street and 22nd Avenue.

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