Investors Flock to Tampa Bay Apartment Assets

By Georgiana Mihaila, Associate Editor

Investment sales in Tampa Bay’s multi-family market continue to heat up. In a $14.3 million transaction, a Houston-based partnership has acquired the 444-unit Chaparral apartments in Largo, Pinellas County’s third-largest city. The 451,420-square-foot property is located at 601 East Rosery Road Northeast and was completed in 1971. The lender-approved short sale was arranged by Marcus & Millichap Real Estate Investment Services Inc., which represented both the seller and the buyer, a Massachusetts-based partnership.

Offering one-, two- and three-bedroom floor plans, the complex’s units are equipped with ceiling fans, walk-in closets, patio or balcony and washer/dryer connections. Community amenities include three swimming pools with sun decks, tennis courts, a newly designed clubhouse and an exercise facility. The property also provides a boat storage area, 24-hour maintenance service and a car-washing/vacuuming area.

In Tampa’s Carrollwood district, CAPREIT paid $39 million for Sabal Palm, a 432-unit Class A complex at 3602 Carrollwood Place Circle in Tampa. The community was built in 1995 and totals 419,040 square feet. Many of the one-, two-, and three-bedroom units have water views of a lake surrounded by the complex. Sabal Palm features a fitness center, swimming pool, business center and parking garages.

South of Tampa Bay, in Sarasota, Insula Properties L.L.C. purchased the Beneva Place complex for $14.9 million. Located at 3451 Queens Street, the 192-unit apartment property is landscaped with mature trees and offers a large lake and an outdoor pool. The sale was arranged by two Cushman & Wakefield Inc. brokers, executive director Byron Moger and director Luis Elorza.