FCA Group continued its acquisition of Tampa-area multifamily properties by purchasing the Bay Pointe Colony apartment complex.
The sale price of the 260-unit apartment complex was not disclosed.
FCA is an arm of Libra Group, an international conglomerate with offices in Beijing, London and New York City and interests in aviation, hospitality, real estate, renewable energy and shipping.
Bay Pointe Colony spans more than 16 acres at 14566 Seaford Circle in Tampa, near the University of South Florida. FCA plans to renovate the apartments, upgrade common areas and restore a park on the property.
In the last five years, FCA has acquired more than 1,500 apartments in the Tampa area.
“Our mission is to improve living conditions for low- to middle-income communities in the region and, in turn, reduce tenant turnover and enhance the environment,” said Frank Espinosa, chief executive officer of FCA.
Espinosa described the acquisition of Bay Pointe Colony as an “off-market deal … We feel the timing was right given strong rental housing demand supported by improving employment drivers in the area.” [Tampa Tribune] — Mike Seemuth