Hunt Mortgage Group provided the acquisition loan for the four-property multifamily portfolio within the University and Temple Terrace submarkets.
By Robert Demete
Michael Donaldson and Nicholas Meoli, both vice presidents investments in Marcus & Millichap’s Tampa office, represented the seller, Sam Jazayri and, procured the buyer, The Focus Group. The sale was funded by a $26.8 million loan held by Hunt Mortgage Group, according to Yardi Matrix.
Puritan Place is a 232-unit community built in 1974 on 12 acres at 7903 Holly Lea Court. The community boasts 32 two-story buildings featuring studio-, one-, two and three-bedroom residences averaging 862 square feet and $731 per month, according to Yardi Matrix. Interior and exterior amenities include private balconies, two swimming pools, three laundry facilities, a stand-alone rental office and 650 parking spaces. The property is currently managed by Meadow Wood Property Co.
Built in 1974 at 6909 Indian River Drive on 8.3 acres, Rivertree Landing is a 288-unit apartment community consisting of 18 two-story buildings, which feature one- to three-bedroom residences averaging 968 square feet and $724 per month. Amenities include a business center, clubhouse, swimming pool, private balcony and 250 parking spaces.
Located at 1426 Marathon Key Drive, Laurel Chase is a 122-unit apartment community which was built in 1968 on 4.8 acres. The property consists of nine two-story buildings with one- and two-bedroom options averaging 761 square feet and $704 per month. Amenities include a swimming pool, laundry facilities, private balconies and 300 parking spaces.
Palm River, built in 1985 on 4.1 acres at 710 Palm Bay Drive, features 19 two-story buildings with 70 858-square-foot two-bedroom units and 73 parking spaces. Rents equate to $742 per month as of 2016, according to Yardi Matrix.
“The acquisition is an excellent opportunity for the new owner to realize outsized returns through stabilization and continued strategic renovations,” Donaldson said in a statement for the press. “The properties are located within the University and Temple Terrace submarkets, which have experienced strong occupancy and rent growth over the last few years,” added Meoli.