Landmark at Grand Palms will be upgraded and renamed “Northgreen at Carollwood”
Tampa, Fla. (August 16, 2017) – Electra America, one of the fastest-growing multifamily owner-operators in the U.S., has acquired Landmark at Grand Palms, a 438-unit multifamily community in Tampa, Florida. The property was acquired from Starwood Capital for an undisclosed price in a privately negotiated transaction, and will be rebranded as Northgreen at Carrollwood. It will undergo capital improvements totaling approximately $3.5 million.
This acquisition brings Electra America’s Tampa portfolio up to four properties. This is the company’s sixth multifamily property acquisition in Florida so far this year. Nationally, Electra’s portfolio includes more than 22,500 apartment units totaling over $2.5 billion in value.
Berkadia’s South Florida and Philadelphia teams arranged a $39.8 million acquisition loan through Freddie Mac.
A company affiliated with Electra America had owned the property prior to Starwood, which acquired it in 2014 as part of a large portfolio sale.
“We’re excited to have this exceptional Tampa property back in our multifamily portfolio,” said Christine DeFillippis, Electra America’s Chief Investment Officer. “We’re very familiar with the asset’s history and potential. This investment increases our footprint in the highly sought-after Tampa MSA, which consistently experienced 2.9% job growth over the past four years and adding 42,800 jobs in 2016.”
“At the local level,” she continued, “the Northdale/Carrollwood Dale Mabry corridor is economically robust, with the presence of numerous big box retailers, surrounding homes valued in the $300,000 and up category, and average household incomes of $75,000 within a one mile radius.”
Located at 3831Northgreen Avenue, Northgreen at Carrollwood features one- and two-bedroom apartments in several two-story buildings on 34 acres. Units currently include a washer and dryer with ceiling fans. The capital improvements will include updated lighting and plumbing fixtures, with plank flooring in common areas and various amenity and clubhouse enhancements.
Built in 1986, the pet-friendly community offers a 24-hour fitness center and free Wi-Fi café, as well as four resort-style pools, tennis courts, a children’s playground and dog park. The property was 96% occupied at time of sale, with effective rents at $981.
For more information on the Northgreen at Carrollwood acquisition or Electra America, please visit Electra America.com.
ABOUT ELECTRA AMERICA
Electra America is national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management. It owns and operates properties in Georgia, Florida, Maryland, North Carolina, Texas and Virginia. The company is committed to delivering great service and outstanding living environments to residents; delivering attractive risk-adjusted returns to investors and partners; and providing opportunities for growth, advancement and diversity to its team members. For more information, visit http://www.electraamerica.com/.