Tampa apartment complex built in 1990 near MacDill Air Force Base sells for $40M

A California-based firm paid about $145,000 per unit for the 276-unit property in south Tampa

Miami /
Aug.August 19, 2018 02:00 PM

Solis at Ballast Point apartment community in Tampa (Credit: Colliers International | Tampa Bay Times)

UPDATED Aug. 28, 6:10 p.m.: A California-based firm bought a 276-unit apartment complex in Tampa for $40 million.

Investors Management Group Inc. (IMG) of Woodland Hill, California, paid about $145,000 per unit for the property formerly known as Pavillions at Ballast Point.

IMG plans extensive exterior and interior renovations to the property, which has been renamed Solis at Ballast Point.

The 24-acre property at 6306 South MacDill Avenue in south Tampa is near MacDill Air Force Base and downtown Tampa. Amenities include a swimming pool, clubhouse, picnic area and covered parking.

The seller was Pavillion Management Group, which developed the 19-building apartment complex in 1990. Craig Brown and Will Mathews of Colliers International’s East Region Multifamily Advisory Group represented the seller.

IMG obtained a loan from a life insurance company to finance its acquisition of the apartment complex. Donald Jennewein and Nathan Lynch of Colliers Capital Markets handled the financing.

IMG also owns a 200-unit apartment property in Clearwater, called Clearwater Oaks, and a 230-unit apartment property in Port St. Lucie, called Waterleaf. [Multi Housing News] – Mike Seemuth


Related Articles

arrow_forward_ios
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Michael Stern accused of “duping investors” in Monad Terrace project
Michael Stern accused of “duping investors” in Monad Terrace project
Michael Stern accused of “duping investors” in Monad Terrace project
PE firms LarrainVial, DaGrosa Capital invest in Miami real estate companies
PE firms LarrainVial, DaGrosa Capital invest in Miami real estate companies
PE firms LarrainVial, DaGrosa Capital invest in Miami real estate companies
Luxury car tycoon pays $7M for manse in Aventura’s Island Estates
Luxury car tycoon pays $7M for manse in Aventura’s Island Estates
Luxury car tycoon pays $7M for manse in Aventura’s Island Estates
AIMCO founder Terry Considine and a rendering of the Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Aventura Mayor Enid Weisman (Facebook via Weisman, Getty)
Aventura votes to require HOAs to submit critical reports within 48 hours
Aventura votes to require HOAs to submit critical reports within 48 hours
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...