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.

Construction starts on new Tampa apartments with rooftop bay views

TAMPA — The Altman Companies began construction this week on Altis Grand Central, 314 studio and one, two-and three- bedroom apartments near the University of Tampa.

Amenities will include a dog park with doggie spa, “chic bowling lounge” and rooftop pool and lounge with views of Tampa Bay. The eight-story towers at 548 W. Grand Central Avenue will rise across the street from the popular Oxford Exchange, home to a restaurant, bookstore, coffeehouse and gift shop.

Boca Raton-based Altman, which has eight other apartment communities in Florida including in Lutz and Wesley Chapel, is partnering on Altis Grand Central with Mattoni Group, a Miami investment real estate firm.

http://www.tbo.com/news/business/realestate/construction-starts-on-new-tampa-apartments-with-rooftop-bay-views/2344187

Miami firms sell Tampa-area rentals for $49.7M

Adler Group and Mattoni Group sold the 250-unit complex in Riverview

Two Miami-based firms, Adler Group and Mattoni Group, sold a 250-unit, Tampa-area rental apartment complex for $49.7 million.

PASSCO Companies, LLC, bought the Pearce at Pavilion Apartments for about $200,000 per unit, a record per-unit price in the Tampa-area market, according to Adler and Mattoni.

“We are proud to have participated in the land acquisition, development, construction, lease up and exit of this project,” Michael M. Adler, CEO of Adler Group, said in a prepared statement.

The Pearce at Pavilion Apartments “filled a void in the Tampa submarket by providing unparalleled apartment residences and amenities,” Adler said.

The apartment property, which has a 93 percent occupancy rate, is located at 3603 Pavilion Palms Circle in Riverview, a 10-minute drive from downtown Tampa.

Monthly rents range from $1,249 to $2,019, and the property’s one-, two- and three-bedroom apartments range in size from 737 square feet to 1,280 square feet.

Common-area amenities at the Pearce at Pavilion Apartments include a clubhouse, spa and swimming pool, cabanas, and an outdoor kitchen and living room, plus a Wi-Fi lounge, media room and fitness center with on-demand yoga and spin classes.

Passco Purchases Apartment Property in Metro Tampa for $49.7M

RIVERVIEW, FLA. — Passco Cos. has acquired Pearce at Pavilion, a 250-unit apartment community located at 3603 Pavilion Palms Center in Riverview, about 15 miles south of Tampa. Passco purchased the community from partners Adler Group and Mattoni Group for $49.7 million. Pearce at Pavilion’s amenities include a resort-style swimming pool, whirlpool spa, 24-hour fitness and wellness center, clubhouse, coffee bar, multi-media game room, poolside kitchen and a leash-free dog park. JBM Institutional Multifamily Advisors represented the sellers in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae acquisition loan on behalf of Passco, which has closed on three acquisitions in Florida in the past month.

Passco Purchases Apartment Property in Metro Tampa for $49.7M

Soleste Club Prado Video look

Take a look inside one of our residential projects, Soleste Club Prado in West Miami offering luxury residences for rent in the heart of West Miami- minutes from Coral Gables, Coconut Grove and Downtown Miami.

With state of the art amenities and finishes, Soleste Club Prado bring you the style and conveniences of urban living while maintaining the essence of a boutique neighborhood.

Soleste Club Prado is an eight-story, mid-rise multifamily asset completed in 2016. The 196-unit community offers a mix of one-, two- and three-bedroom units. The average unit is 862 square feet. The average market rent is $2,170 ($2.52 per square foot). The property is currently 80 percent leased.

Soleste Club Prado has an expansive amenity package and caters to a wide variety of residents ranging from young professionals to families who seek an upscale lifestyle. Community features include a hotel-inspired pool with spa, sun deck, and private cabanas; outdoor kitchen and bar; resident lounge complete with cyber café, business center and demonstration kitchen; kids gaming zone; rooftop serenity garden; state-of-the art health and fitness club, high-tech cardio equipment and free weights; Fitness On Demand, yoga and spin studio; dry sauna and steam room; and controlled-access garage parking

“Soleste Club Prado is located in a community steeped in rich Miami culture and near the historic Biltmore Hotel. The dynamics of the location will appeal to investors from New York and around the globe. We are anticipating significant interest.” Robert Given, Cushman + Wakefield

For the full article and more info : www.meyer.media/2017/01/27/cushman-wakefield-selected-market-soleste-club-prado/

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