Walton Street Capital has expanded its Tampa Bay portfolio with the acquisition of a newly-built 226-unit community. An affiliate of Walton Street Capital partnered with Stoneweg US to purchase WaterView Echelon in St. Petersburg, Fla. According to Yardi Matrix data, AG Spanos Cos. sold the community for $100 million.
Built in 2021, WaterView Echelon offers one-, two- and three-bedroom units that range in size from 677 to 1,849 square feet. Along with quartz countertops, stainless steel appliances and full size washer and dryers, the units were built with floor-to-ceiling windows that give residents views of Tampa Bay.
Residents also get access to an infinity pool on the seventh floor, fitness center, club lounge with kitchen, private conference room, cabanas, gas grills, fire pits, workspaces and covered parking. According to Walton Street Capital, the community is 99 percent leased.
Located at 100 Main St. N., WaterView Echelon is adjacent to a shopping center that’s anchored by a Publix. The community is also located near two major employment nodes, the Carillon Office Park and the Gateway Office Market, that have more than 12 million square feet of office space between them. Residents are also a 20-minute commute from both downtown St. Petersburg and downtown Tampa.
RECENT GROWTH IN TAMPA BAY
Stephen Sotoloff, senior principal at Walton Street, said in prepared remarks that the firm believes strongly in the Tampa-St. Petersburg market’s near- and long-term fundamentals, which will likely bring more job and population growth. Following the onset of the COVID-19 pandemic, markets like Tampa and others along the Sun Belt started to see rapid growth caused by people looking to relocate to more suburban areas.
The Tampa Bay multifamily market saw plenty of transactions alongside some new developments in late 2020. More recently in May, a developer acquired a site in St. Petersburg that will be used to build a 80-unit senior housing community. Further down the Sun Belt, Walton Street Capital also acquired a 286-unit community in Las Vegas in November.