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| Palms at Brandon, Brandon, FL |
TAMPA, FL – HFF announced today that it has closed the sale
of Palms at Brandon, a 184-unit multi-housing community in Brandon,
Florida.
The
HFF Florida multi-housing group represented a private seller in the sale of the
property to an affiliate of TRIPOINTE Property Group, an Ohio-based investment
group focused on acquiring value-add multi-housing assets. The property sold for $10,825,000 or
approximately $59,000 per unit.
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| Matt Mitchell |
Palms
at Brandon lies on 11.6 acres near the Westfield Town Center in Brandon, a
growing bedroom community of Tampa, Florida.
Constructed in the 1970’s, the property had been converted to
condominiums in 2005, although no units are separately owned. The property offers one and two bedroom
flats, as well as two-story townhome units.
Many units feature large balconies, patios or enclosed backyards. Amenities include two swimming pools, a
fitness center and two tennis courts.
Leading the transaction for the HFF Florida multi-housing
group were directors Matt Mitchell and Jaret Turkell and real
estate analyst Maurice Habif. Steven
Soclof, CEO of TRIPOINTE Property Group, negotiated the purchase on behalf
of the buyer.
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| Jaret Turkell |
“We are excited to add the Palms at Brandon Apartments to
our growing Florida multi-housing portfolio.
Located in the heart of the dynamic Brandon market, the Palms at Brandon
is a seasoned property that provides a wonderful rental housing option for
residents of this vibrant community,” said Soclof.
TRIPOINTE Property Group (“TPG”), headquartered in
Cleveland, Ohio, is actively engaged in all facets of commercial real estate
investment, development and management with a primary focus on multi-family
housing.
Through affiliated entities, TPG managing members manage and are
principals in approximately 2,000 apartments and 1,250,000 square feet of
commercial space. TPG manages a growing portfolio of stabilized and value-add
multi-family properties in the southeast region of the United States.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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