Cushman & Wakefield’s Florida Multifamily Advisory Group announced today the sale of a two-property portfolio consisting of Courtney Trace and The Addison in Brandon, FL for a total of $52,725,000 on behalf of seller ContraVest. The purchaser of both properties was B&M Development Company, LLC. Executive Director Byron Moger and Senior Director Luis Elorza of Cushman & Wakefield were the only brokers involved in the transaction.
Courtney Trace and The Addison offer an excellent combination of luxury amenities, high-end unit interiors and outstanding location. Located just east of Tampa in Brandon, Courtney Trace and The Addison are adjacent to each other and have great access to Interstate 75. Both properties are walking distance to attractive retail and restaurants. The Brandon Town Center, a 1.1 million square foot regional mall, is less than one mile away. The properties’ amenities include luxurious resort style pools with gas grills, billiards, entertainment rooms, cyber cafés, pet park areas, fitness centers and tanning beds.
“Investor demand for Class A properties in Tampa was very strong this year and we expect the trend to continue in 2014. Courtney Trace and The Addison were sold with existing debt. Investors are increasingly acquiring properties with existing debt at values that achieve similar yields as properties that are sold free and clear of debt,” Luis Elorza said.
Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and management assignments. Founded in 1917, it has 253 offices in 59 countries, employing more than 15,000 professionals. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge