TAMPA, Fla. (August 15, 2018) – The Pavillions at Ballast Point, a 276-unit, 19-building apartment community in South Tampa, has sold for $40 million. This is the first time the property has sold since it was built in 1990.
The buyer, Investors Management Group (IMG), plans to do significant interior and exterior renovations to the property and rename it Solis at Ballast Point.
Craig Brown, Senior Associate, and Will Mathews, Senior Vice President and Principal, both with Colliers International’s East Region Multifamily Advisory Group, represented the seller, Pavillion Management Group. The financing for the project was handled by Colliers’ Donald Jennewein and Nathan Lynch of the Capital Markets team.
The East Region Multifamily Advisory Group utilized its extensive platform covering 26 states to source the buyer to the off-market property. IMG currently owns another multifamily asset nearby in Clearwater, Florida.
“This was a win-win for both buyer and seller,” said Colliers’ Brown. “The asset is well positioned for a value-add program, and its proximity to local demand drivers make it a unique opportunity in the market.”
The 24-acre multifamily property consists of one- and two-bedroom apartments in a variety of sizes. The community has a number of amenities, including a pool, clubhouse, covered parking and picnic areas, and is a half-mile from Bayshore Boulevard, which runners and bikers use for recreation along 4.5 waterfront miles.
The complex is located at 6306 S. MacDill Ave., less than two miles from MacDill Air Force Base and seven miles from downtown Tampa.
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