Miami’s The Related Group Acquires Tampa Property for $26M
The 176-unit garden style multifamily development was sold by Nashville-based Carter-Haston. The deal for the property in Tampa’s Bayshore submarket calculated out to a trade of $149,148 per unit.
TAMPA—The Related Group of Miami has increased its multifamily portfolio with the $26.25 million purchase of the Bay Oaks apartment community here.
The 176-unit garden style multifamily development was sold by Nashville-based Carter-Haston. The deal for the property in Tampa’s Bayshore submarket calculated out to a trade of $149,148 per unit. The community was 97.2% leased at the time of the sale.
Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Florida Multifamily Group represented Carter-Haston in the sale. Chris Lentz and Robert Kaplan of Cushman & Wakefield’s Equity, Debt & Structured Finance Team placed agency debt financing on behalf of The Related Group with Barings Multifamily Capital, the brokerage firm reports.
Bay Oaks was developed in 1974 on a more than 4.65-acre site at 3105 Bay Oaks Ct. Cushman officials note that the property’s location provides exceptional access to the Tampa market via the Selmon Expressway and is near the region’s major employment centers as well numerous retail, dining and entertainment venues.
“Bay Oaks is an outstanding value-add investment opportunity as well as a prime candidate for future redevelopment,” says C&W’s Elorza. “It’s unique waterfront location is a short drive to Hyde Park Village, the Westshore office market, Tampa International Airport and downtown Tampa. Bayshore Boulevard in central South Tampa is one of the most highly sought-after locations on the West Coast of Florida for both residents and investors.”
Lentz adds, “Working with exceptional firms such as Related and Barings on the financing allowed for an efficient placement process, with agency financing providing the optimal capital source. We look forward to future transactions with both firms.”
Units at Bay Oaks offer a private balcony/patio, wood-style flooring, premium appliances, air conditioning and walk-in closets. Select units have waterfront views of Hillsborough Bay. The community features 24-hour fitness center, resort-inspired swimming pool, community grilling stations, a luxurious clubhouse, on-site management, a car care center and laundry facilities.