The Related Group Acquired the 176-Unit Multifamily Community on Bayshore Boulevard in South Tampa
Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Florida Multifamily Group represented Nashville-based Carter-Haston in the sale. The Related Group, located in Miami, acquired the property for $26.25 million ($149,148 per unit). Chris Lentz and Robert Kaplan of Cushman & Wakefield’s Equity, Debt & Structured Finance Team placed agency debt financing on behalf of The Related Group with Barings Multifamily Capital.
Bay Oaks is a garden-style property with a mix of one- and two-bedroom units. The community was 97.2% leased at the time of sale.
Units at Bay Oaks offer a private balcony/patio, wood-style flooring, premium appliances, air conditioning and walk-in closets. Select units have stunning waterfront views of Hillsborough Bay. The community features 24-hour fitness center, resort-inspired swimming pool, community grilling stations, a luxurious clubhouse, on-site management, a car care center and laundry facilities.
Bay Oaks was developed in 1974 on a ±4.65-acre site at 3105 Bay Oaks Ct. This location provides exceptional access to the Tampa market via Selmon Expressway and is proximate to the region’s major employment centers as well numerous retail, dining and entertainment venues.
“Bay Oaks is an outstanding value-add investment opportunity as well as a prime candidate for future redevelopment,” said Elorza. “It’s unique waterfront location is a short drive to Hyde Park Village, the Westshore office market, Tampa International Airport and downtown Tampa. Bayshore Boulevard in central South Tampa is one of the most highly sought-after locations on the West Coast of Florida for both residents and investors.”
Added Lentz, “Working with exceptional firms such as Related and Barings on the financing allowed for an efficient placement process, with agency financing providing the optimal capital source. We look forward to future transactions with both firms.”
Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Mulkern, Nick Meoli and Mike Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Kaplan, Lentz and Mark Rutherford facilitate debt.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida