ZMR Capital Buys Tampa Apartments for $65M
The value-add buyer plans to invest in extensive capital improvements at the 400-unit garden-style asset.
ZMR Capital has paid $65 million to NorthEnd Equities for Hanley Place, a 400-unit multifamily property in Tampa, Fla. CBRE represented both parties.
The property last changed hands in 2018, when NorthEnd purchased it from Axionic Properties for $42.2 million, according to Yardi Matrix.
ZMR Capital plans to invest in extensive updates and capital improvements to the 1972-built community, CEO Zamir Kazi said in prepared remarks. The new owner selected Franklin Street to oversee property management.
Hanley Place encompasses 15 two- and three-story buildings on 25 acres at 7315 W. Hanna Ave. The property’s one- to three-bedroom floorplans range between 712 and 1,300 square feet. Community amenities include two swimming pools, a playground, four laundry facilities and roughly 1,000 parking places.
The property is 11 miles northwest of downtown Tampa and 5 miles from Tampa International Airport. The community is half a mile north of the West Hillsborough Avenue retail corridor.
The CBRE team included Executive Vice Presidents Michael Regan and Francesco Carriera.
This deal marks only the latest in several investments ZMR has closed in the Southeast. In June, the value-add investor expanded its Florida multifamily footprint with its first Fort Myers community acquisition. Then, in July, ZMR paid more than $40 million for a 348-unit asset in Atlanta.