Waypoint Residential Sells Tampa Apartment Community for $37M

Boca Raton, FL—Waypoint Residential LLC has sold The Point at West End, a 356-unit multifamily community in Hillsborough County. Blue Roc Premier Properties and Associates, LLC, purchased it for its investors for $37 million, or $104,000 per unit. Blue Roc is a property management company based in Tampa.

The Point at West End is an approximate 225,345-square-foot, garden-style apartment community developed in 1980 on about a19.47-acre site at 6161 Memorial Highway in Tampa’s Town-N-Country submarket. The property comprises 23 two-story residential buildings and one clubhouse.

Luiz Elorza of Cushman & Wakefield’s Multifamily Group, which represented Waypoint Residential, tells GlobeSt.com that the new owner plans to continue to make both exterior and interior improvements to the property, but the full scope has not been determined.

“The Point at West End provided investors with an attractive, value-add opportunity with the potential for further growth through the expansion of the existing value-add program,” according to Elorza.

Town-N-Country is an infill submarket with outstanding access to all large employment centers in Hillsborough and Pinellas Counties, including downtown Tampa, downtown St. Petersburg,” Elorza continues. “Gateway, Westshore, multiple regional malls and Tampa International Airport are all within a 20-30 minute drive.”

The Point at West End offers a mix of studio, one- and two-bedroom apartments. The average unit is 633 square feet with an average market rent of $976 ($1.54 per square foot). The property was 91% leased at the time of sale.

Apartments at The Point at West End feature energy-efficient appliances, faux granite countertops, upgraded fixtures, oversized walk-in closets and spacious patios and balconies with attractive views. Community amenities include a 24-hour fitness center, a cyber café, an outdoor grilling area, a car-care center, a resort-style pool with tanning ledge and sundeck, three on-site laundry facilities, a tennis court and a dog park.

Since 2016, Waypoint Residential LLC invested $3.5 million in capital improvements at the property including interior unit renovations, exterior paint and stucco enhancement, upgraded landscaping, a new fitness center and equipment, an upgraded dog park, sealing and striping of the parking lot, poolside improvements and upgrades to the leasing center. Prior ownership also demolished the former racquetball building leaving room for future on-site development.