262-Unit Addison at Tampa Oaks Apartment Community Sells for $54.25 Million
The TM Real Estate Group portfolio has expanded to include the acquisition of the 262-Unit Addison at Tampa Oaks apartment community in Tampa, Florida.
Reported by MultiFamilyBiz.com, the transaction took place June 2019. From the article:
JBM Institutional Multifamily Advisors has facilitated the sale of the Addison at Tampa Oaks, totaling 262 units for a purchase price of $54,250,000, or 207,061 per unit. Jamie May, Chairman & CEO of JBM Institutional Multifamily Advisors, stated there was a lot of excitement regarding this asset, with an aggressive bidding pool that included REITS, DST Funds, Family Offices, and Pension Fund Advisors competing for this trophy asset.
Constructed in 2016, Addison at Tampa Oaks offers a diverse unit mix of studio, one, two, and three-bedroom units with an average unit size of 1,046 square feet. Interior features include some of the most up-to-date efficiency and design trends in the industry including granite counter and vanity tops, under mount sinks, high end wood cabinetry, tile backsplash, stainless steel appliances, faux wood plank flooring, designer track and pendant lighting, and satin nickel accoutrements.
The buildings are of a stylish, rustic, with contemporary design mid-rise construction in elevator serviced buildings. The complete amenity package includes a resort-style swimming pool with expansive sun deck, covered outdoor lounge and courtyards areas, private club-inspired 24-hour-state-of-the art fitness center with virtual fitness on Demand™, separate spin cycle studio, a well-appointed resident clubhouse with business center, coffee bar and catering kitchen, and controlled access gated garage.
The property was purchased by TM Real Estate Group (who owns 838 units in southeast Florida) and Lindy Property Management (who owns 274 units throughout Tampa and Sarasota). The JBM Institutional Multifamily Advisors team has listed and sold over 43,330 units within the Tampa Bay MSA, and over 157,000 units throughout Florida.
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