ZMR Capital has acquired The Reserve at Brandon, a 982-unit community in Brandon, Fla. NorthEnd Equities sold the property, previously purchased in 2019 for $123 million, Yardi Matrix data shows. Berkadia arranged the $207 million, 5-year, floating-rate bridge loan, funded by MF1, public records show. The loan-to-cost ratio is 80 percent.
Completed in four phases, between 1991 and 2002, the community encompasses 42 low-rise buildings with one-, two- and three-bedroom apartments, ranging from 705 to 1,200 square feet. Amenities include granite countertops, stainless steel appliances, walk-in closets and private balconies or patios. Residents have access to common-area amenities such as a clubhouse, fitness center, swimming pools, playground, business center, coffee bar and tennis court.
Located at 1918 Plantation Key Circle, the community is within half a mile of the Providence Square shopping center and within 1.5 miles of Westfield Brandon Mall, offering easy access to retail, dining and entertainment options. Selmon Expressway, connecting the community to Tampa, is a mile south of The Reserve at Brandon.
Tampa’s strong multifamily fundamentals
Registering 26.2 percent year-over-year rent growth, as well as $4.6 billion in transactions in 2021, Tampa remains one of the strongest rental markets in the country, outperforming other Florida metros and U.S. averages.
ZMR Capital, which owns more than 7,000 units across the U.S., is currently expanding its footprint in growing markets, with five more deals expected in Orlando, Tampa and Fort Myers. Overall, the company is targeting $2 billion in acquisitions for 2022. Last year, ZMR acquired two communities in Dallas, planning major capital improvements for both assets.