Three Tampa Bay apartment communities sell for a total of almost $94 million

Major multifamily housing companies see value in the booming Tampa Bay market.
Published July 5

TAMPA — Three more Tampa Bay apartment communities have changed hands as the demand for rental units continues to be strong.

In the Town 'n' Country area, the 400-unit LakeBridge Apartments sold for $44.4 million to Blue Roc Premier Properties, a Tampa-based company that has several apartment communities throughout Florida. In South Tampa, the 122-unit Palma Ceia Hyde Park Apartments sold for $20.3 million to Laramar Group, which also owns apartments in California, Illinois and Minnesota. And in Largo, the 228-unit Dwell at Bay Crossing was bought for $28.85 million by Ashcroft Capital, a New York-based multifamily investment firm.

Related: Two more big Tampa Bay condo communities are becoming rentals

"The Tampa-St. Petersburg area has seen a strengthening labor market with household median income growth up 12 percent,'' said Jason Stanton of Berkadia Real Estate Advisors, which arranged the sale of all three communities. "Consistently ranked as one of the best (areas) to live in and find employment in, the Tampa (area) has become an exemplary market displaying strong multifamily fundamentals for investments in value add-communities.''

The three communities are more than 30 years old, making them candidates for upgrades — value added — that will enable the new owners to increase the rents.

Contact Susan Taylor Martin at smartin@tampabay.com or (727) 893-8642. Follow @susanskate.

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