NAI Tampa Bay is pleased to announce the closing of a portfolio of 605 units in 3 exceptional Class A condominium properties in Florida for $54,500,000 to wrap up 2013.
Managing Director, T. Sean Lance, CCIM, ALC, was the lead broker on the transaction along with President and CEO, John Burpee.
According to Burpee, “This was a unique opportunity in the marketplace for the buyer to acquire so many Class A fractured condo units in a single transaction. Each property provides ownership of well over 50% of the total units, the properties are all located in very strong job-driven growth submarkets, the associations are in excellent shape, and the purchase price of under $75 per square foot was a significant discount to both peak market and replacement value.”
“Because of the purchase price, and the fact that these were three separate condominium communities, this was an extremely complex transaction which took the better part of a year to complete. The deal took a number of significant twists and turns and nearly died several times. If not for the extraordinary effort of all parties involved, there is no way this deal would have closed in 2013,” stated Lance.
About the Assets
The Hamptons at Tampa Palms (15350 Amberly Drive, Tampa, FL) – 217 of 315 units (69%) averaging 1,440 square feet and built in 1996 features distinctive architecture, barrel tile roofs, unusually spacious floor plans, direct access garages and lush mature landscaping bordering an estuarine river and conservation area. Located in the prestigious Tampa Palms neighborhood between the University of South Florida, New Tampa and Wesley Chapel, the property is very well positioned along an extremely highly trafficked corridor and in the midst of several employment centers. The property also provides the buyer with economies of scale with a previous purchase in 4Q 2013 in a property less than a half mile away. In 2007, units closed at $247,000 per unit or $165 per square foot.
Crosswynde (1502 Marsh Cove Court, Tampa, FL) – 243 of 453 units (54%) averaging 1,077 square feet and built in 2001. This property features clean, classic architecture, detached garages, lush mature landscaping bordering on a protected water reserve and a full range of on-site amenities. Crosswynde is located in Crosstown Center, in the Brandon submarket of east Tampa near the beginning of the Crosstown expressway – 10 minutes from the Tampa CBD and less than 20 minutes from MacDill Air Force base. It is also one of the most dynamic submarkets in Tampa Bay with the recent announcement of development projects which include Bass Pro Shops, Top Golf, several apartment communities and USAA’s new 420,000 square foot office development directly across the street. In 2007, units closed at $134,000 per unit or $124 per square foot.
Polo Glen (7350 NW 4th Street, Plantation, FL) – 145 of 230 units (63%) averaging 1,155 square feet and built in 2001. Polo Glen features beautifully designed Mediterranean architecture, barrel tile roofs, concrete block construction, open floor plans, lush mature landscaping around two lakes, and a full range of on-site amenities including an interior basketball court and roller hockey. Plantation is a very strong job-driven South Florida growth market located east of Fort Lauderdale. Polo Glen is in a Class A+ location in this highly desirable submarket. Peak market pricing in 2007 was just under $153,000 or $133 per square feet.
About the Parties
The buyer is Boston based Preston Giuliano Capital Partners led by Barry Preston and Michael Giuliano who deployed more than $150,000,000 in multifamily transactions throughout Florida in 2013 with an eye on additional acquisitions through 2014. The seller was a mid-Atlantic based investment group.
In 2013, the NAI Tampa Bay multifamily team of Burpee and Lance closed more than $250,000,000 in investment sales with more than 2,500 units in addition to multifamily development sites for over 1,300 units with project values of over $150,000,000.
Additionally, Lance has now closed nearly 3,000 fractured condominium units since 2010 making him one of the most prolific multifamily brokers in the United States of this unique product type.
NAI Tampa Bay is part of NAI Global, the world’s largest managed commercial brokerage network with more than 375 offices and 8,000 associates in 55 countries. To learn more, visit www.NAITampaBay.com