Tampa Multifamily Wrap-Up – May 2020

Altis Grand at The Preserve. Image courtesy of The Altman Cos.

Tampa’s multifamily sector held steady in May. Residential construction kept going, juggling with social distancing and sanitation measures brought about by pandemic guidelines set in April. Investment activity kept up as well, coming off a strong start to the year—in the first four months of 2020, more than $680 million in multifamily deals closed, more than nearly any other Florida market. Read our May selection of Tampa must-knows.

1. DEVELOPMENT – The Altman Cos. delivers Odessa luxury community.

The developer broke ground on the 350-unit Altís Grand at The Preserve in 2019, financing the construction with a $39.8 million loan from TD Bank, according to Yardi Matrix. The Green Building-certified property at 2136 S. Branch Blvd. has one- to three-bedroom floorplans ranging from 722 to 1,479 square feet. Amenities include a fitness center, lounge, media room and community fruit grove.

2. FINANCING – Walker & Dunlop provides $49.6 million refi.

BH Equities used the Freddie Mac loan to refinance the 404-unit Oaks of Woodland Park. The 10-year mortgage replaced two CMBS notes totaling $36.8 million, which Berkadia originated in 2013 and 2016. Located on 31 acres at 4747 W. Waters Ave., the garden-style community has 46 two-story buildings completed in 1985.

3. DEAL – Marcus & Millichap arranges $17.5 million sale in Lakeland.

Michaelson Group sold Griffin Park, a 178-unit community, to a private investor in a 1031 exchange. Shawn Rupp, Casey Babb and Luis Baez secured and represented the buyer in the deal. Located on 6.5 acres at 1013 Griffin Road, the multifamily asset came online in 1975 and was renovated in 2015. The property is near the intersection of U.S. Route 98 and Interstate 4.

4. DEVELOPMENT – New residential tower coming to the Channel.

Daniel Corp. filed plans with the city of Tampa for a 19-story, 332-unit community at the intersection of North 12th and Twiggs streets, according to Tampa Bay Business Journal. Dwell Design Studios is the architect for the $80 million project. The development will be the latest to hit the Channel district. Last year, an ECI Group-led joint venture delivered the 22-story, 324-unit luxury Channel Club Apartments one block southwest.

5. DEAL – USF-area apartments change hands.

A private investor joined forces with 29th Street Capital to pay $11 million for 66 of Town Park Villas’ 81 units, according to Yardi Matrix. Newmark Knight Frank provided the buyer with a $8.6 million acquisition loan through Freddie Mac. The townhome community at 6070 Gibson Ave. has 12 buildings developed in 2009. The unit mix includes three- and four-bedroom apartments averaging 1,520 square feet.