Tag: Clarion partners

Nuveen buys Brandon apartments for $77.5 million

Deal is for recently developed, 366-unit multifamily rental complex

An affiliate of Nuveen Real Estate Management Ltd. has acquired the former Azola Apartments in the Brandon section of Tampa for $77.5 million, the latest in a string of multifamily purchases by the Teachers Insurance & Annuity Association investment arm.

Nuveen bought the 366-unit complex, on 25 acres at 9303 Cobalt Drive, from a group comprising Zom Living, the Mattoni Group and Clarion Partners LLC, of New York.

Tampa Brandon Apartments L.P., a group led by Zom, acquired the site in late 2016 for $4.2 million, according to Hillsborough County records.

The complex, which was completed last fall, has been rebranded as Sole at Brandon. Nuveen also owns the Sole at Casselberry community, in Orlando.

Rents in the community, where units measure 704 square feet to 1,467 square feet, range from $1,230 per month to $1,795 per month.

Carlos Burneo, a Nuveen senior director and head of the investment company’s residential practice group in Florida, says the company was drawn to Azola, in part, because of its close proximity to Interstate 75 and the Leroy Selmon Expressway.

He notes the complex “offers luxury interiors and resort amenities at mid-level rents in one of the fastest-growing submarkets in Tampa,” Burneo says in a statement.

Commercial real estate brokerage firm Newmark Knight Frank represented Tampa Brandon in the transaction.

As with many newly minted multifamily rental complexes, Sole at Brandon offers a host of amenities appealing to younger renters, such as a resort-style swimming pool with private cabanas; a clubhouse with cyber café; and a state-of-the-art fitness center complete with a yoga studio and boxing ring; and a game room with a virtual sports simulator.

Zom, in a news release detailing the sale, noted that Azola had strong absorption of about 30 units per month at “top-tier rental rates for the submarket.”

The purchase by Nuveen, which has in excess of $125 billion in assets under management, marks its third area multifamily acquisition since last summer.

In August 2018, the company spent $81.1 million to buy the Fusion 1560 apartments in downtown St. Petersburg, and earlier this year, it bought the 5 West Apartments in the Rocky Point section of Tampa for $62 million.

Burneo hints that further acquisitions may be in the offing, as well.

“We look forward to continue expanding our housing platform in the main Florida MSAs as part of our investment strategy,” he says in a statement.

ZOM Living Celebrates Grand Opening of Luxury Garden Apartments in Tampa

Ribbon Cutting Ceremony for Azola Apartments – 366 units on a 25-acre site in the heart of the expanding Brandon/Riverview submarket of Tampa 

Azola brings a new level of quality to this growing suburban community and we are proud to be part of it.

ZOM Living, in partnership with affiliates of Mattoni Group and New York-based Clarion Partners, LLC on behalf of a commingled fund managed by the firm, celebrates the grand opening of AZOLA, a 366-unit multifamily garden apartment community located on Progress Boulevard near the Interstate 75/Highway 301 interchange and South Falkenburg Road. This expanding south Brandon/Riverview submarket is home to a growing number of corporate employers, such as Progressive Insurance, Spectrum, and USAA, which is bringing over 1200 new jobs to the area. An array of retail and entertainment venues is anchored by the nearby Westfield Brandon Mall, and has attracted new merchants such as Bass Pro Shop and Top Golf.

“We are excited to celebrate the grand opening of Azola with Clarion Partners and Mattoni Group” said Kyle Clayton, ZOM Florida’s Senior Vice President. “Azola brings a new level of quality to this growing suburban community and we are proud to be part of it.”

Mattoni Group’s President Ricardo Caporal, added, “We couldn’t be happier with the first-class project ZOM delivered. Both ZOM and Clarion partners share the same commitment to enhancing communities as Mattoni Group and we are proud of the work we’ve done in Riverview.”

Azola broke ground Q4 2016, started pre-leasing in late summer 2017, and is comprised of spacious and well-appointed one, two, and three bedroom units in a variety of floor plans ranging from 665 to 1,545 square feet, spread across 25 acres. A large community center contains a leasing office and on-site amenities include a club room, cyber café, and fitness center. Construction financing was provided by the Synovus Bank and Hancock Bank.

About ZOM:

ZOM Living is one of the most highly regarded luxury multifamily developers in the United States, and has joint ventured or directly developed nearly 20,000 apartment units nationwide, with an aggregate value of over $4 Billion. Throughout its 40-year history, ZOM has garnered more than 160 industry awards for project design and development expertise, including the prestigious National Multifamily Development Firm of the Year award and garnering two national Pillar Awards from the (NAHB) National Association of Home Builders, for Best Low-Rise Project (Baldwin Harbor/Orlando) and Best High-Rise (Monarc at Met3/Miami).

ZOM is headquartered in Orlando and has regional development offices in South Florida, Dallas, Washington D.C., Chicago and Raleigh. ZOM has 5,000 units currently under construction or in design/predevelopment throughout the U.S., with a total capitalization of $1.6 Billion. For more information on ZOM’s multifamily portfolio, visit http://www.zomliving.com.

About Mattoni Group

Founded in 2009, Mattoni Group is a private equity real estate investment and management firm headquartered in Miami. With a growing portfolio of residential and commercial properties across the region, Mattoni Group has more than two decades of combined experience in the real estate industry – including property acquisition, construction, management and financial analysis. For more info please visit http://dev5.conwayandpartners.com/mattoni

About Clarion Partners

Clarion Partners LLC, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 36 years. Headquartered in New York, the firm has offices in Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle and Washington, DC. With more than $45.6 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 300 domestic and international institutional investors. More information about the firm is available at http://www.clarionpartners.com.

 

ZOM Living Celebrates Grand Opening of 366-Unit Luxury Garden Apartment Community in Tampa

TAMPA, FL – ZOM Living, in partnership with affiliates of Mattoni Group and New York-based Clarion Partners, LLC on behalf of a commingled fund managed by the firm, celebrates the grand opening of AZOLA, a 366-unit multifamily garden apartment community located on Progress Boulevard near the Interstate 75/Highway 301 interchange and South Falkenburg Road.

This expanding south Brandon/Riverview submarket is home to a growing number of corporate employers, such as Progressive Insurance, Spectrum, and USAA, which is bringing over 1200 new jobs to the area. An array of retail and entertainment venues is anchored by the nearby Westfield Brandon Mall, and has attracted new merchants such as Bass Pro Shop and Top Golf.

“We are excited to celebrate the grand opening of Azola with Clarion Partners and Mattoni Group” said Kyle Clayton, ZOM Florida’s Senior Vice President. “Azola brings a new level of quality to this growing suburban community and we are proud to be part of it.”

Mattoni Group’s President Ricardo Caporal, added, “We couldn’t be happier with the first-class project ZOM delivered. Both ZOM and Clarion partners share the same commitment to enhancing communities as Mattoni Group and we are proud of the work we’ve done in Riverview.”

Azola broke ground Q4 2016, started pre-leasing in late summer 2017, and is comprised of spacious and well-appointed one, two, and three bedroom units in a variety of floor plans ranging from 665 to 1,545 square feet, spread across 25 acres. A large community center contains a leasing office and on-site amenities include a clubroom, cyber café, and fitness center.

Construction financing was provided by Synovus Bank and Hancock Bank.

ZOM Living is one of the most highly regarded luxury multifamily developers in the United States, and has joint ventured or directly developed nearly 20,000 apartment units nationwide, with an aggregate value of over $4 Billion.

ZOM Florida Break Grounds on Luxury Garden Apartments in Tampa

ZOM Florida, in partnership with affiliates of The Mattoni Group and New York-based Clarion Partners, LLC on behalf of a commingled fund managed by the firm, recently broke ground on AZOLA AT MAGNOLIA PARK, a 366-unit multifamily apartment community located on Progress Boulevard near the Interstate 75/Highway 301 interchange and South Falkenburg Road. This expanding south Brandon/Riverview submarket is home to a growing number of corporate employers, such as Progressive Insurance, Spectrum (formerly Brighthouse), and USAA, which is bringing over 1200 new jobs to the area. An array of retail and entertainment venues is anchored by the nearby Westfield Brandon Mall and has attracted new merchants such as Bass Pro Shop and Top Golf.

“We are excited to partner again with Clarion Partners on a Florida project and start a new capital partner relationship with The Mattoni Group,” said Kyle Clayton, ZOM Florida’s Development Vice President. “Our project site has excellent access to retail and employment centers and is also convenient to downtown Tampa via the Selmon Crosstown Expressway. Azola will bring a new level of quality, unit features and amenities to this desirable suburban neighborhood.”

Mattoni Group’s President Ricardo Caporal added, “We are very bullish on the Tampa market. This is our second development venture here. ZOM will deliver a first class project, and we are excited to be partnering with both ZOM and Clarion Partners.”

Azola is expected to deliver first units in Q4 2017, with pre-leasing starting in late summer 2017. Construction financing was provided by the Orlando office of Synovus Bank.

http://www.prweb.com/releases/2016/12/prweb13932950.htm