Cushman & Wakefield announced today that the commercial real estate services firm has arranged the sale of River Pointe Apartment Homes, a 212-unit apartment community located in Tampa, Florida. The final sale price was $27.5 million.
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the sellers, Coastline Management Group Inc. and EMC Capital Group LLC, in the transaction. TLR Group acquired the property.
“River Pointe commanded tremendous interest from the market with over 500 confidentiality agreements signed and 40 offers submitted,” Donaldson said. “We continue to see heightened buyer interest in Tampa Bay as buyers have been attracted to the city’s growth story with significant population influx, organic rent growth trending as high as 8% and billions of dollars in new development taking place.”
Located at 8024 Hidden River Drive within Tampa’s Innovation Alliance District, the gated riverfront community offers bay and gulf access and is 95% leased. Amenities include a swimming pool with a sundeck and BBQ grill, a clubhouse with a business center, fitness center, three on-site laundry facilities, a playground and a dog park.
“Ultimately, the property sold to Tampa-based TLR Group, who was actually one of the few aggressive local groups pursuing the deal,” Meoli said. “Given their sized portfolio and strong presence in the market, they truly saw the upside and potential of the asset and plans a significant repositioning of the property.”
“Coastline continues to remain bullish in the Florida market with new development projects on the horizon throughout the sunshine state,” added Eyal Mehaber, President and Co-Founder of Coastline Management Group. “The demand for housing has grown exponentially throughout the state and it is driving rents higher and higher. My team and I remain optimistic about the continued migration throughout the state and we will continue to look for opportunities to fulfill the demand of the marketplace.”