HFF closes $95.6 million sale of 2 Tampa-area multi-housing communities
TAMPA, FL – August 24, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of two multi-housing communities in the Brandon submarket of Tampa, Florida, for a total of $95.6 million.
HFF marketed the properties in two separate transactions to one buyer, a private out-of-state investment company. The first of the properties, Columns at Brandon West, was marketed on behalf of a joint venture between ECI Group and funds managed by Ares Management, L.P. and sold for $46 million. The second asset, Westbury at Lake Brandon, was marketed on behalf of an affiliate of Goff Capital Partners and sold for $49.6 million. Both assets traded free and clear of existing debt.
Columns at Brandon West, a 342-unit, Class A apartment community, is located at 10011 Balaye Run Drive in Tampa just off South Falkenburg Road offering access to Interstate 75, State Route 60 and the Selmon Expressway. The burgeoning area recently welcomed new developments such as the USAA’s 250,000-square-foot office campus, Bass Pro Shops and Topgolf, as well as the Brandon Healthplex, an outpatient hospital that is currently under construction. Completed in 2001, the 96-percent-leased property has 10 three-story buildings surrounding two scenic lakes and encompasses a combination of one-, two- and three-bedroom units featuring nine-foot ceilings, in-unit washers and dryers, walk-in closets and screened-in balconies/patios. Community amenities include a recently-updated clubhouse and poolside lounge, resort-style swimming pool, outdoor kitchen, fitness studio, movie screening room, self-service car wash and nature trail surrounding one of the property’s two lakes.
Westbury at Lake Brandon is located approximately three miles southeast of Columns at Brandon West at 1210 Westbury Pointe Drive. The 366-unit property has immediate access to Lumsden Road and Causeway Boulevard, a popular retail corridor in Brandon, and is close to Interstate 75 and Westfield Town Center, a one million-square-foot mall. Completed in 2001, the 95-percent-leased, garden-style property offers one-, two- and three-bedroom units averaging 988 square feet featuring breakfast bars, designer kitchens, crown molding, full-size washers and dryers and walk-in closets. Common area amenities include a swimming pool and spa, barbecue and picnic area, state-of-the-art fitness center, clubhouse, coffee bar, business center, car care center, attached/detached garages and a lakeside walking trail.
The HFF investment sales team representing the sellers in both transactions was led by managing director Matt Mitchell and associate director Zach Nolan.
“The apartment market in Tampa continues to offer investors solid fundamentals and a favorable outlook,” Mitchell said. “These two transactions also specifically highlight improving conditions in the Brandon market, where we have seen significant increases in jobs and hundreds of millions of dollars in development.”
HFF’s Tampa office was ranked as the top Commercial Real Estate Broker by the Tampa Bay Business Journal for total transaction volume closed in 2015. HFF Tampa’s multi-housing team is among the market’s most dominate with 3,300 units sold in the Tampa MSA year to date.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.