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| Columns at Brandon West Apartments, 10011 Balaye Run Drive, Brandon, FL |
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| Matt Mitchell |
TAMPA, FL –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of two
multi-housing communities in the Brandon submarket of Tampa, Florida, for a
total of $95.6 million.
HFF marketed the
properties in two separate transactions to one buyer, a private out-of-state
investment company.
The first of the properties, Columns at Brandon West, was marketed
on behalf of a joint venture between ECI Group and funds managed by Ares
Management, L.P. and sold for $46 million.
The second asset, Westbury at Lake Brandon, was marketed on behalf of an affiliate of
Goff Capital Partners and sold for $49.6 million. Both assets traded free and clear of existing
debt.
Columns at Brandon West, a
342-unit, Class A apartment community, is located at 10011 Balaye Run Drive in Tampa just off South Falkenburg Road
offering access to Interstate 75, State Route 60 and the Selmon Expressway.
The burgeoning area recently welcomed new
developments such as the USAA’s 250,000-square-foot office campus, Bass Pro
Shops and Topgolf, as well as the Brandon Healthplex, an outpatient hospital
that is currently under construction.
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| Zach Nolan |
Completed in 2001, the
96-percent-leased property has 10 three-story buildings surrounding two scenic
lakes and encompasses a combination of one-, two- and three-bedroom units
featuring nine-foot ceilings, in-unit washers and dryers, walk-in closets and
screened-in balconies/patios.
Community amenities
include a recently-updated clubhouse and poolside lounge, resort-style swimming
pool, outdoor kitchen, fitness studio, movie screening room, self-service car
wash and nature trail surrounding one of the property’s two lakes.
Westbury at Lake Brandon
is located approximately three miles southeast of Columns at Brandon West at 1210 Westbury Pointe Drive. The 366-unit property has immediate access to
Lumsden Road and Causeway Boulevard, a popular retail corridor in Brandon, and is
close to Interstate 75 and Westfield Town Center, a one million-square-foot
mall.
Completed in 2001, the
95-percent-leased, garden-style property offers one-, two- and three-bedroom
units averaging 988 square feet featuring breakfast bars, designer kitchens,
crown molding, full-size washers and dryers and walk-in closets.
Common area amenities include a swimming pool
and spa, barbecue and picnic area, state-of-the-art fitness center, clubhouse,
coffee bar, business center, car care center, attached/detached garages and a
lakeside walking trail.
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| Westbury at Lake Brandon Apartments, Brandon, FL |
The HFF investment sales
team representing the sellers in both transactions was led by managing director
Matt Mitchell and associate director
Zach Nolan.
“The apartment market in
Tampa continues to offer investors solid fundamentals and a favorable outlook,”
Mitchell said.
“These two transactions
also specifically highlight improving conditions in the Brandon market, where
we have seen significant increases in jobs and hundreds of millions of dollars
in development.”
HFF’s Tampa office was
ranked as the top Commercial Real Estate Broker by the Tampa Bay Business
Journal for total transaction volume closed in 2015. HFF Tampa’s multi-housing
team is among the market’s most dominate with 3,300 units sold in the Tampa MSA
year to date.
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
