TAMPA, FL-Westbury at Lake Brandon Apartments, a 366-unit class A apartment community, has traded for $33.1 million, or $90,437 per unit. The asset is located Brandon, about 15 minutes from downtown Tampa.
John Selby and Jim Bobbitt of CBRE’s Multi-Housing Group in Tampa handled the transaction on behalf of the seller, Westbury Owner. Alliance Residential Company, a private investment company based in Phoenix, snapped up the property through the bankruptcy trustee. CW Capital financed the deal.
“There was a lot of interest and demand for this property,” Bobbitt, a senior vice president at CBRE, tells GlobeSt.com. “The asset does need some minor upgrades, but the low interest rate environment and the low cap rate drew strong investor demand from institutional and private investors.”
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