Apollo Beach, FL – Capstone Apartment Partners has negotiated the sale of Ellsberry Court apartments to a private investor from Southwest Florida. Capstone’s Managing Director, Jad Richa, represented the Florida-based seller in the $3.2 million transaction.
“This sale illustrates the confidence in the broader Tampa Bay market, and, specifically, the south Hillsborough County submarket,” explains Richa. “The proximity of the asset to the Amazon distribution facility and St. Joseph’s Hospital-South will generate high tenant demand. The buyer plans to make exterior improvements, and complete the interior renovations the seller has already commenced.”
This deal represents Capstone’s 4th recent transaction of Cardinal-style construction in Florida. Cardinal construction is modular housing where all properties share identical exterior styling as well as identical unit floorplans. Ellsberry Court sits on 4.97 acres at 349 Apollo Beach Blvd. in Apollo Beach. The property is comprised of 66 units ranging from studios to 2-bedroom units.
Capstone Apartment Partners is the largest privately-owned investment sales firm in the Southeast, with offices in Tampa, Orlando, Charlotte, Raleigh-Durham, Richmond, Cincinnati, and Nashville. Focused on the transaction of multi-family properties throughout the Midwest and Southeast, Capstone was ranked in the top 2% of brokerage firms nationwide for total sales in 2017, and 14th in annual garden-style apartment sales.
For more information contact Jad Richa at (216).410.2217 or jad@capstoneapts.com, or visit www.capstoneapts.com.