NC Developer Enters Florida Apartment Market with $35M Deal

TAMPA, FL-Boasting the largest units on the market, the seven-year-old, 52-building, 315-unit, 94%-leased Hamptons at Tampa Bay is under new ownership today as Durham, NC-based Zapolski + Rudd LLC enters the Florida multifamily market.

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.”