The Real Deal Miami

Tampa apartments sell for $24.05 million

It was the sixth Tampa property acquisition in the last 18 months by Maryland-based Federal Capital Partners
October 14, 2017 11:35AM

 

The Commons Apartments in Tampa

Maryland-based Federal Capital Partners (FCP) acquired a 200-unit apartment property in Tampa for $24.05 million, the company’s sixth Tampa property investment in the last 18 months.

FCP paid $120,250 per unit to acquire The Commons Apartments, a garden-style apartment property on Dale Mabry Highway in north Tampa.

Units at The Commons include two-, three- and four-bedroom apartments with kitchen pantries and oversized closets. The property’s amenities include a dog park, playground, barbeque and picnic area, clubhouse and swimming pool.

FCP plans capital improvements to the property that include converting the leasing office to a gym and installing washers and dryers inside the apartments.

Matt Mitchell and Zack Nolan of HFF represented the seller of The Commons. Elliott Thron and Preston Reid of HFF helped FCP secure financing in connection with the acquisition.

FCP bought two other Tampa apartment properties with a total of 293 units for $21 million, or about $71,600 per unit. The acquisitions of Poplar Park Terrace and Fernwood Grove closed three months after the company opened its Florida office in Miami, headed by Bruce Gago.