Miami-based Related Group bought a garden-style apartment complex in Tampa’s Bayshore area for just under $150,000 per unit.
Related paid $26.25 million for the Bay Oaks Apartments, located in the coveted Bayshore Boulevard area of Tampa. The 176-unit apartment property was 97.2 percent leased at closing.
“Bayshore Boulevard in central south Tampa is one of the most highly sought-after locations on the West Coast of Florida for both residents and investors,” Luis Elorza of brokerage firm Cushman & Wakefield said in a prepared statement.
Related paid $149,148 per unit for a mix of one- and two-bedroom apartments, each with a private patio or balcony and walk-in closets – and some with views of Hillsborough Bay.
The highest monthly rent at Bay Oaks is just under $1,500, according to ForRent.com. Community amenities include a swimming pool, clubhouse, 24-hour gym, car care center, laundry facilities and grilling stations.
Bay Oaks was built in 1974 on a 4.65-acre site at 3105 Bay Oaks Court, a short drive from downtown Tampa, Tampa International Airport and the city’s Westshore office district. The location also provides easy access to employment centers and entertainment venues throughout the Tampa area via the Selmon Expressway.
Related acquired Bay Oaks from Nashville-based Carter-Haston, which was represented in the transaction by Elorza and three other members of Cushman & Wakefield’s Florida Multifamily Group: Brad Capas, Robert Given and Michael Mulkern.
In connection with the transaction, Chris Lentz and Robert Kaplan of Cushman & Wakefield’s Structured Finance Team placed debt financing on behalf of Related with Barings Multifamily Capital. – Mike Seemuth