Tampa, FL – August 14, 2015 – CBRE Capital Markets arranged the sale of Hidden River Grande Apartments, a 212-unit waterfront rental community in Tampa, Florida to San Diego-based The Focus Group for $8.3 million. The complex is located at 8024 Hidden River Drive on the Hillsborough River. CBRE represented the seller, NR Investments, in the transaction.
Originally built in 1973, Hidden River Grande received a comprehensive $2.1 million renovation that was completed in 2012.
“The University/Temple Terrace submarket of northeast Tampa is experiencing a strong growth trend, and Hidden River Grande’s convenient location near schools, universities, shopping and entertainment destinations generated strong interest from multifamily investors,” said John Selby, Senior Vice President of CBRE Capital Markets, Multifamily.
Hidden River Grande features a host of amenities, including a pool; fitness center; large clubhouse; business center; basketball court; and a lighted tennis court. The community is located just minutes from Busch Gardens amusement park, the University of South Florida and downtown Tampa. The property also has immediate access to I-275, I-75 and I-4 as well as the Selmon Crosstown Expressway and U.S. 301.
The CBRE Capital Markets team representing the seller included John Selby and Sean Williams, with CBRE Tampa, along with Shelton Granade, Luke Wickham and Justin Basquill, with CBRE Orlando.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.