Five-year-old Zapolski + Rudd paid New York-based Clarion Partners $35 million, or about $111,111 per unit, for the 23-acre, 436,824-sf property on Florida's Gulf Coast, 80 miles northwest of Downtown Orlando.
Zapolski representative Thomas Cassidy tells GlobeSt.com the deal took only five months to complete. "Low interest-rate environment and the stability of the Tampa multifamily market" prompted Zapolski to do the deal at this time, Cassidy says. "The Hamptons provided an opportunity for our group to branch out both in product type and geographic investment diversity."
"This property is a high quality asset located in a strong portion of the Tampa market. We liked what we saw as solid, long-term residual value," he adds.
Cassidy says Zapolski's holdings in Florida total more than one million sf of owned and under-development assets valued at about $120 million with the bulk of the assets in retail centers.
Asked by GlobeSt.com whether the $111,111-per-unit price was on the high side, Cassidy says the gated Hamptons community "has the largest units in the market so a sf-basis is a better reflection of value." Based on the property's total 436,824 sf, the price equates to about $80 per sf. "This is well below replacement cost and it is a very unique property," Cassidy says.
The average asking monthly rent is $1,246 per unit for average living areas of 1,387 sf. Apartment Realty Advisors handled the transaction for buyer and seller.
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