Taurus Buys Tampa Community for $43M
The private equity firm scooped up the 280-unit asset for its new value-added multifamily fund. Providence Management Co. sold the property located in the Carrollwood neighborhood.
Lofton Place. Image courtesy of Taurus Investment Holdings
Taurus Investment Holdings has chalked up the first investment for its value-added fund by acquiring Lofton Place, a 280-unit community in Tampa, Fla., for $43.2 million. The seller is Providence Management Co., which picked up the asset in 2013 for $26 million, according to Yardi Matrix data.
Through the deal, Taurus expands its multifamily portfolio to more than $500 million, totaling approximately 2,800 units. The private equity real estate firm acquired Lofton Place through its newly formed Multifamily Property Fund I LP.
The community is located at 5412 Deerbrook Creek Circle in the Carrollwood neighborhood of Tampa. Built in 1988, the 12-building property features one-, two- and three-bedroom units and is currently 95 percent leased. The asset, sited about 5 miles north of Tampa International Airport, changed hands twice before Providence Management acquired it from Evergreen Residential.
Series of Tampa trades
The Tampa Bay Area has seen a slew of multifamily transactions over the past month, as population and job growth bolsters apartment demand in the subtropical boomtown. Last month, TLR Group bought up a 110-unit community at 7011 San Ramon Place from Axonic Properties for $13.1 million.
Also in May, an affiliate of Nuveen Real Estate acquired a 366-unit luxury garden-style community in Riverview from a joint venture of ZOM Living with affiliates of The Mattoni Group and Clarion Partners for $77.5 million; and Balfour Beatty Communities and ApexOne Investment Partners teamed up to buy a 278-unit community in Largo, near St. Petersburg, for $32.3 million.
In another sign of investor enthusiasm for the multifamily market, a venture between Index Investment Group and local developer Richard Coley broke ground in May on a more than $100 million, 444-unit luxury apartment community overlooking Tampa Bay in the southwestern corner of the city.
Note: The original version of this article said the price was $49.9 million, according to a press release by Taurus Investment Holdings. The price, which was $43.2 million, has since been corrected.
