Related Group pays $26M for rental complex in Tampa’s Bayshore area

“Bayshore Boulevard in central south Tampa is one of the most highly sought-after locations on the West Coast of Florida,” says Luis Elorza of Cushman & Wakefield

Jun.June 08, 2019 04:00 PM

Bay Oaks Apartments in Tampa

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.

Luis Elorza

“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 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

Related Articles

From left: Denny St. Romain and Jubeen Vaghefi

Movers & Shakers: Longtime JLL brokers join CushWake & more

Bryan C. Hanson of Zimmer Biomet and the Residences by Armani/Casa

Medical device CEO snags condo at Residences by Armani/Casa

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

Hyde Beach House Resort & Residences, Carlos Rosso and Drew Sims

Sotherly closes on acquisition of Hyde Beach House hotel space

Jorge Perez and the development site

Related buys dev site in downtown Fort Lauderdale

Jorge Perez and New River Yacht Club III

Related Group nabs $48M loan for downtown Fort Lauderdale apartments

From left: Jorge Perez, Alex Karakhanian, Scott Sherman and Ben Mandell, with The Dorsey rendering

The Dorsey project in Wynwood wins design approval

Related Group building at 315 Biscayne Boulevard and Jorge Pérez (Credit: Google Maps)

Related Group lists downtown Miami HQ