American Landmark Apartments (American Landmark), one of the fastest-growing multifamily owner-operators in the country, and RSE Capital Partners (RSE), one of the most active multifamily investors in the country, have acquired a 360-unit apartment community in one of the most desirable parts of Tampa, Florida. Westly Shores Apartments, formerly Price Waterhouse Cooper’s (PwC) corporate campus and now market-rate apartments, was sold by an owner of multifamily assets across the nation.
American Landmark intends to inject $1 million into renovations and improvements, and will rename the property “Amira at Westly.”
The property is located five minutes from Tampa International Airport and directly adjacent to the Westshore Business District, Tampa Bay’s largest office community.
The acquisition of Westly Shores brings American Landmark’s Florida portfolio to 24 properties, with five properties in the Tampa Bay region. American Landmark currently owns and manages approximately 28,000 apartments throughout the Southeast and Texas and is adding another $2 billion in assets to its multifamily portfolio this year.
Additionally, this acquisition marks the seventeenth investment between the joint venture partners in over $875 million of multifamily assets. Last month, American Landmark and RSE acquired Mezza Apartments, a 440-unit apartment community in Jacksonville, FL as well as a five-asset, 1,848-unit portfolio in the Dallas-Fort Worth metro area and the Nashville suburb of Hendersonville, Tennessee.
Newmark Knight Frank Multifamily Vice Chairman Patrick Dufour and Director Ryan Crowley represented the seller, with Executive Managing Director Bill Weber and Managing Director Matt Mense providing a Freddie Mac CME 10-year, fixed rate loan.
“Tampa Bay is a perennial market favorite for its consistent job growth and population growth,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “The Bay area’s 27,500 new private-sector jobs – the third-highest number of jobs among all Florida metro areas created in the past year – illustrates the positive momentum this MSA continues to enjoy and another reason for investing in this property.”
Built in 1999, Westly Shores is located at 6105 Paddock Glen Drive and was formerly PwC’s corporate campus. The company’s conference center was demolished, leaving room for American Landmark to build additional units and amenities. Over a third of the property’s one- and two-bedroom units have original interiors, and are primed for upgrades. American Landmark will also add a $1 million newly revamped and renovated clubhouse.
Westly Shores is well located close to major demand drivers, and is directly adjacent to the Westshore Business District, home to over 4,000 businesses, 97,000 employees, and surrounded by some of Tampa’s top shopping destinations. Tampa International Airport is less than five minutes from the property; downtown Tampa is 12 minutes away. The property offers convenient access to Hillsborough Avenue and the I-275 and SR-60 intersection.
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