PALM HARBOR, FL-Chicago-based Waterton Residential closed one of the few remaining bulk condo deals in the Tampa area. The firm snapped up 509 of the 774 units at Lansbrook Village, a condo project originally developed by the Pritzker family’s development arm, Centergate Residential. Individuals own the remaining units in the complex.
Waterton bought the units from ST Residential, and partnered with Stratus Development and KMG Partners on the transaction. Boca Raton-based Apartment Realty Advisors represented Waterton. These 509 units within Lansbrook Village were acquired as part of Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment fund.
“This was an off market transaction, so we were able to get to the seller through a relationship,” Max Peek, VP of Acquisitions at Waterton, tells GlobeSt.com. “The physical product is very nice, and it’s spread out on 85-plus acres. It’s pretty rare to have such low density for a project that size. And the pricing was very good relative to other opportunities we’ve seen in the market.”
Constructed in three phases from 1998 to 2004, Lansbrook Village offers 75 buildings with a unit mix of 186 one-bedroom units, 28 one-bedroom and den units, 154 two-bedroom units, 124 three-bedroom units and 17 four-bedroom units. The fractured condo development features three large pools, attached and detached garages, tennis courts, volleyball courts, interactive fountains and family playgrounds, as well as an enclosed dog park.
Peek calls the Lansbrook Village buy a rare opportunity to add to quality real estate in an attractive North Pinellas submarket to Waterton’s portfolio. Waterton has a positive outlook on Tampa and the Florida market in general and will remain focused on making additional multifamily investments in Florida over the next 12 months. Peek hinted at a simple-fee deal in Broward County that will close soon.
“A year ago, the opportunities in the marketplace, for us anyway, tended to be the true distressed opportunities, failed loans, stalled development projects, and fractured condos,” Peek says. “Today, those opportunities are starting to wane a little bit. People are chasing yields and looking at more traditional fee simple value added opportunities.”
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