The Tampa 652 Portfolio is a 652-unit portfolio of garden-style multifamily assets.
ORLANDO—A portfolio of four multifamily assets in Tampa just traded hands. The sale price: $26.8 million. Hunt Mortgage Group facilitated the acquisition of a multifamily assets. The firm recently opened an office in Tampa.
The Tampa 652 Portfolio is a 652-unit portfolio of garden-style multifamily assets. The loan amount includes a $5.2 million capital expenditure holdback that will be used for the multifamily properties' renovation and improvement. The loan is structured as a two-year floating rate loan with two options to extend the term for periods of six months each.
“The company acquiring these properties has extensive experience with the purchase and turnaround of underperforming multifamily assets and currently owns 18 multifamily properties including 1,115 multifamily units,” Steven Cox, managing director at Hunt, tells GlobeSt.com. “All of these properties are currently undergoing full renovation, repositioning, and rebranding.”
Built in 1974, Puritan Place Apartments is a 232-unit, multifamily complex with 32, two-story buildings. Rivertree Landing Apartments was built in 1974 and is a 228-unit apartment complex with 18, two-story buildings.
Laurel Chase Apartments was built in phases between 1967, 1968 and 1972. It is a 122-unit, multifamily complex with nine, two-story buildings. Constructed in 1986, Palm River Apartments is a 70-unit, multifamily complex with 18, one- and two-story buildings.
“The borrower is a repeat Hunt Mortgage Group client who has closed seven loans with us, all of which are properties in Central Florida,” Cox says. “The sponsor has deep local market knowledge and has been developing, managing, contracting and investing in real estate assets for more than 35 years.”
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