Tampa Multifamily Market Attracting Big Investors

Press Release
Apartment Rents Rise As Demand Stays High

Jennifer LeClaire
February 23, 2015

The Tampa Bay area is certainly on investor’s radar screens RADCO Companies and Cortland Partners are making big bets there while Altman Companies is benefitting from dispositions. Camden Bayside Apartments just traded for $85.125 million. Cortland acquired the 832-unit luxury waterfront community.

CBRE’s John Selby and Sean Williams represented Houston-based Camden Property Trust, a real estate investment trust that owns and operates apartment communities across the United States. Selby and Williams have closed over $700 million in multifamily sales in the Tampa Bay region from 2014 to date.

“Camden Bayside is an ideal value-add candidate with an irreplaceable bayfront location, prestigious south Tampa address and immediate access to Tampa Bay’s major employment and entertainment destinations,” says Williams, senior vice president of CBRE Capital Markets, Multifamily. The multifamily property is located at 6301 South Westshore Boulevard. The complex was completed in 1986-1989.

Camden Bayside features a host of amenities, including two car care centers, two resort-style swimming pools, large fitness center, conference room, business center with Wi-Fi, bayside gazebos, dog park, lighted tennis courts and boat storage areas. The multifamily property is near MacDill Air Force Base, the Westshore office market, Downtown Tampa, and Saint Petersburg.

Meanwhile, RADCO Companies just closed on its first 2015 multifamily acquisition—and it’s entrance into the Florida multifamily market. RADCO grabbed the 228-unit Bay Park Apartments in Clearwater, FL for $29.6 million. The luxury multifamily community is located near the intersection of Gulf to Bay Boulevard and US 19 in metro Tampa.

Altman Companies just sold four of its Altis-branded multifamily developments for $223 million. The apartment complexes—three of which are in South Florida and one in Tampa, FL—sold to four different buyers. Starlight Capital acquired Altis Grand Cypress, a 304-unit multifamily development in Lutz, FL, from Altman in February. Phase 1 was completed in 2012. Phase 2 was completed in 2014.