9-Property, $71M Multi-Family Sale in Florida, Texas
- Nov 14, 2011
November 14, 2011
By Nicholas Ziegler, News Editor
An unnamed California-based investment firm has made its first foray into the world of Texas and Florida multi-family properties in a $70.9 million, nine-property sale arranged by Marcus & Millichap Real Estate Investment Services. The seller, a Tampa Bay-area private investor, was also unnamed.
The nine properties have a total of 2,253 units. The Texas assets total 982 units and sit on the same street in Pasadena, a Houston suburb. Three of the Florida properties are located in central Tampa, totaling 518 units, and sit south of the main campus of the University of South Florida. The remaining assets are in Orlando, Fern Park, Bradenton and Brandon, Fla.
According to a report in Commercial Property Executive’s sister publication, Multi-Housing News, the Florida multi-housing market has seen increases statewide, said Jack McCabe, president & CEO of McCabe Research & Consulting L.L.C., a firm that focuses on Florida Real Estate.
“We are seeing a tremendous wave of new construction in rental apartments, McCabe said, “and a lot of the major players in the apartment industry that had sold their holdings down here and had left the state are coming back and have their land acquisition guys looking at different parcels for building new complexes.”
Jeffrey Meyer, an associate vice president with Marcus & Millichap, agreed. “The substantial financial commitment of the buyer and his financial partners is a positive signal that Florida in general and Tampa in particular are well positioned to recover from the recession,” he said.
At the time of sale, portfolio-wide occupancy was approximately 88 percent.