The Real Deal Miami

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
December 23, 2018 03:00PM

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