The private equity firm scooped up the 280-unit asset for its new value-added multifamily fund. Providence Management Co. sold the property located in the Carrollwood neighborhood.
Taurus Investment Holdings has chalked up the first investment for its value-added fund by acquiring Lofton Place, a 280-unit community in Tampa, Fla., for $49.9 million. The seller is Providence Management Co., which picked up the asset in 2013 for $26 million, according to Yardi Matrix data.
Through the deal, Taurus expands its multifamily portfolio to more than $500 million, totaling approximately 2,800 units. The private equity real estate firm acquired Lofton Place through its newly formed Multifamily Property Fund I LP.
The community is located at 5412 Deerbrook Creek Circle in the Carrollwood neighborhood of Tampa. Built in 1988, the 12-building property features one-, two- and three-bedroom units and is currently 95 percent leased. The asset, sited about 5 miles north of Tampa International Airport, changed hands twice before Providence Management acquired it from Evergreen Residential.
SERIES OF TAMPA TRADES
The Tampa Bay Area has seen a slew of multifamily transactions over the past month, as population and job growth bolsters apartment demand in the subtropical boomtown. Last month, TLR Group bought up a 110-unit communityat 7011 San Ramon Place from Axonic Properties for $13.1 million.
Also in May, an affiliate of Nuveen Real Estate acquired a 366-unit luxury garden-style community in Riverview from a joint venture of ZOM Living with affiliates of The Mattoni Group and Clarion Partners for $77.5 million; and Balfour Beatty Communities and ApexOne Investment Partners teamed up to buy a 278-unit community in Largo, near St. Petersburg, for $32.3 million.
In another sign of investor enthusiasm for the multifamily market, a venture between Index Investment Group and local developer Richard Coley broke ground in May on a more than $100 million, 444-unit luxury apartment community overlooking Tampa Bay in the southwestern corner of the city.