TAMPA, FL-The end of the year multifamily acquisition flurry is in full swing, as two-asset portfolio and a single property near Tampa change hands. ARA brokered both deals, which included the 300-unit Circle at Crosstown in Brandon, the 336-unit Circle at Bartram Park in Jacksonville and Monterey Lakes in Largo.

ARA’s Kevin Judd, Patrick Dufour and Matt Wilcox represented an institutional seller in the $64.5 million portfolio that spanned Brandon and Jacksonville. Atlanta-based JMG Realty snapped up the properties, which were constructed in 2009 by Crescent Resources and feature green features.

“Portfolio offerings are generally receiving more interest than single asset sales today as many investment groups are flush with capital, and the ability to deploy a larger amount of capital in a single transaction is attractive,” Dufour tells GlobeSt.com. “Many buyers who sold their Florida assets during the last cycle are looking to re-enter the market now as they see additional upside and growth potential in these markets over the next several years. Acquiring a geographically diverse portfolio allows new buyers to the market to establish an immediate footprint and operational efficiencies in a single transaction.”

Circle at Crosstown is located in Brandon, one of Tampa's strongest performing submarkets. The multifamily community recently completed lease-up. The buyer is betting on an upside potential to continue to increase effective rents on renewals. Circle at Bartram Park is located in Southeast Jacksonville. A class A property, it offers one of the most luxurious amenity packages in the region.

“Jacksonville is expected to reach 93% occupancy market-wide by the end of 2011 with 3.5% effective rent growth projected for 2012,” Wilcox said in a statement. “We are receiving more investor interest in Jacksonville as the market recovery story continues to prove out. With extremely limited supply and strong employment and population growth potential, now is a good time to buy in Jacksonville.”

ARA’s Richard Donnellan, along with Dufour, Judd and Wilcox, represented Waterton Residential in the sale of Monterey Lakes, a 324-unit community located in the Tampa submarket of Largo. A private, Florida-based buyer acquired the property for $23.63 million, or nearly $73,000 a unit.

Dufour says Monterey Lakes received significant interest as a well-located, infill apartment community with high barriers to entry and a potential value add opportunity to upgrade unit interiors. Ultimately, he explains, the buyer who was awarded the deal presented an all cash offer and aggressive closing timeframes.  

“The buyer owns several million square feet of commercial space in Florida, and until recently exclusively owned and operated commercial properties,” Dufour says. “However, they recently formed a new venture with a high net worth capital partner to acquire multifamily properties as a result of the strong fundamentals in multifamily today and going forward.”