The Real Deal Miami

Two Tampa rental properties sell for $21 million

Federal Capital Partners paid about $71,600 per unit for the two apartment properties
April 15, 2017 10:00AM

Fernwood Grove in Tampa

Maryland-based Federal Capital Partners (FCP) bought two Tampa apartment  properties with a total of 293 units for $21 million, or about $71,600 per unit.

The acquisitions closed three months after the Chevy Chase, Maryland-based company opened its Florida office in Miami, headed by Bruce Gago.

“FCP’s expansion in Florida reflects our confidence in its population and employment growth,” Jason Ward, the company’s vice president, said in a prepared statement.

FCP bought a 165-unit apartment property at 4111 North Poplar Avenue in Tampa called Poplar Park Terrace, which the company will rebrand as The Flats at Seminole Heights. The amenities include a swimming pool, a 24-hour fitness center and covered parking. The property is located a short drive from downtown Tampa.

FCP also acquired Fernwood Grove, a 128-unit apartment property at 4900 North MacDill Avenue in Tampa. The property’s one- and two-bedroom apartments have undergone significant renovation, including a full upgrade of its exterior and its common areas.

Fernwood Grove is located near the Westshore Mall and International Plaza Mall, the Hyde Park District, popular restaurants and major commuter routes.