• Vertica Commercial Advisors Closes Florida Fractured Condo Community

    Vertica Commercial Advisors (VCA), a subsidiary of Tampa based Vertica Partners, has arranged the bulk sale of 252 of 453 units in the Crosswynde condominium community located at 1502 Marsh Cove Court in Tampa, Florida for $28,335,097 ($112,441/unit or $105/sf).

    The community was a failed condominium conversion from the peak, and subsequent crash, of the real estate market in 2007. VCA founding partners, T. Sean Lance and Max Boehmer provided advisory services to the seller on the initial acquisition of 243 units in December 2013 for $16,200,000 ($66,667/unit or $62/sf), as well as the acquisition of an additional 9 units for an aggregate price of $580,500 ($64,500/unit or $72/sf) through one-off sales with individual investors.

    According to Lance “The seller acquired the community as part of a portfolio transaction. They initially indicated their desire for us to sell this asset immediately, however, we advised them against this based on what we felt were underperforming rents and management inefficiencies. The seller made the decision to retain the asset and stabilize the community, while also focusing on improving management, which resulted in a nearly 70% increase in asset value from their original basis. The new owners will continue to add value with an extensive interior unit upgrade plan and Vertica has been retained exclusively to help them acquire additional investor owned units through our in-house Condo Repurchase Program.”

    “This submarket is one of the most dynamic and fastest growing in the Tampa Bay area with the addition of USAA, Amazon, Citi’s expansion, Bass Pro Shops, Top Golf and a large number of other new commercial and residential developments. The site is located a short distance from downtown Tampa and MacDill Air Force Base, yet provides more affordable rents than many of the new urban infill apartment projects in the downtown Tampa area.” stated Boehmer.

    VCA facilitated the sale between two long-term clients in an off-market transaction including Rhode Island based JWC Crosswynde, LLC (Seller) and New York based Crosswynde Owner, LLC (Buyer).

    Vertica Partners is a vertically integrated investment, advisory and development firm based in Tampa, Florida. Vertica Commercial Advisors primarily focuses on multifamily investment sales, institutional residential aggregation and land sales with a strong emphasis in fractured condominiums. Vertica has transacted more than 6,000 fractured units and worked in over 50 communities throughout Florida since 2010. Vertica’s principals currently have nearly $100 million in projects under development, more than $1.6 billion in transaction history and have provided advisory services on more than $2.5 billion in development projects throughout the southeastern United States.

    email