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

Miami /
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 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


Related Articles

arrow_forward_ios
Jorge Perez and Jon Paul Perez with Terminal Island (Getty, iStock)

Related gets height increase needed for Terminal Island office project in Miami Beach

Related gets height increase needed for Terminal Island office project in Miami Beach
Rendering of the Dorsey with Alex Karakhanian, Jon Paul Perez and Tricera’s Scott Sherman and Ben Mandel (iStock)

Related scores $88M construction loan for Dorsey project in Wynwood

Related scores $88M construction loan for Dorsey project in Wynwood
 Jeff Blau and One Ocean (Getty)

Related Cos. CEO Jeff Blau sells Miami Beach condo

Related Cos. CEO Jeff Blau sells Miami Beach condo
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)

South Florida’s pandemic-fueled residential market poised for bull run in 2021

South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)

Kate Ford’s Palm Beach estate sells for $55M

Kate Ford’s Palm Beach estate sells for $55M
From left: Jon Paul Pérez, Gil Dezer and Matt Allen with an aerial view of 1174-1185 Hillsboro Mile (Google Maps)

Dezer, Related Group team up on waterfront Hillsboro Beach project

Dezer, Related Group team up on waterfront Hillsboro Beach project
Longtime executive Carlos Rosso leaves Related Group (Getty)

Carlos Rosso parts ways with Related Group

Carlos Rosso parts ways with Related Group
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)

You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse

You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
arrow_forward_ios

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

Loading...