New York firm pays $60M for 470-unit apartment complex north of Tampa

Beachwold Residential paid $127,660 per unit for Hibiscus Springs Rental Homes in the Spring Hill area of Hernando County, located about 50 miles north of Tampa

Dec.December 23, 2018 03:00 PM

Hibiscus Springs Rental Homes

A New York-based owner and manager of rental housing properties paid $60 million for a 470-unit garden apartment complex about 50 miles north of Tampa.

New York-based Beachwold Residential paid $127,660 per unit for Hibiscus Springs Rental Homes in the Spring Hill area of Hernando County.

The apartment complex at 3454 Suncoast Villa Way is next to the Suncoast Parkway/Veterans Expressway, which provides access to local employment centers in Hernando County, Pasco County and the Westshore business district in Tampa.

Hibiscus Springs Rental Homes is a 40-acre property with 58 one- and two-story buildings.

One-story patio homes with two bedrooms comprise the first phase of the property’s development, completed in 2004. Units with one- and three-bedroom floor plans make up the property’s second phase of development, completed in 2016.

New York-based Beachwold bought Hibiscus Springs from Mercury Investment, a national real estate investment group.

A four-person team with brokerage firm Cushman & Wakefield represented Mercury in the transaction: senior directors Luis Elorza and Brad Capas, vice chairman Robert Given, and senior financial analyst Michael Mulkern.

“Hibiscus Springs is an excellent example of investors’ increasing willingness to pursue properties in secondary and tertiary markets in search of quality investment opportunities,” Elorza said in prepared remarks.

“This statewide trend will significantly enhance the marketability and investor participation in Hernando County as well as other similar sub-markets throughout Florida,” he said. – Mike Seemuth

Related Articles

Matt Rieger and a rendering of Paradise Lake Apartments

Developer scores financing for West Kendall affordable housing project

Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Related, East End score $136M refi of Wynwood projects

These real estate power players are involved in 2019’s juiciest lawsuits (Credit: Getty Images)

Here are South Florida’s juiciest lawsuits of 2019

Best of TRD 2019 promo

Coming soon: The Real Deal’s Best of 2019

Madison Realty Capital'a Josh Zegen and Fort Partners' Nadim Ashi  

Four Seasons in Fort Lauderdale scores $210M loan

From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Daily Digest Miami

South Florida home sales struggle in October, Cipriani and Terra plan luxury condo

Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan