Miami firms sell Tampa-area rentals for $49.7M

Adler Group and Mattoni Group sold the 250-unit complex in Riverview

The Pearce at Pavilion Apartments in Riverview
The Pearce at Pavilion Apartments in Riverview

Two Miami-based firms, Adler Group and Mattoni Group, sold a 250-unit, Tampa-area rental apartment complex for $49.7 million.

PASSCO Companies, LLC, bought the Pearce at Pavilion Apartments for about $200,000 per unit, a record per-unit price in the Tampa-area market, according to Adler and Mattoni.

“We are proud to have participated in the land acquisition, development, construction, lease up and exit of this project,” Michael M. Adler, CEO of Adler Group, said in a prepared statement.

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The Pearce at Pavilion Apartments “filled a void in the Tampa submarket by providing unparalleled apartment residences and amenities,” Adler said.

The apartment property, which has a 93 percent occupancy rate, is located at 3603 Pavilion Palms Circle in Riverview, a 10-minute drive from downtown Tampa.

Monthly rents range from $1,249 to $2,019, and the property’s one-, two- and three-bedroom apartments range in size from 737 square feet to 1,280 square feet.

Common-area amenities at the Pearce at Pavilion Apartments include a clubhouse, spa and swimming pool, cabanas, and an outdoor kitchen and living room, plus a Wi-Fi lounge, media room and fitness center with on-demand yoga and spin classes.