TAMPA, FL-The Estates at Tuscany Ridge, a 450-unit, class AA multifamily asset, has traded for $56 million. The sale of the ultra-luxury property demonstrates the demand for quality assets in major metro submarkets.
Camden Property Trust purchased the asset. The HFF team representing the seller, Blue Granite Partners, included managing director George Vail, director Jaret Turkell and real estate analyst Scott Wadler.
"The property is considered a trophy multihousing asset that will benefit from the robust growth in rental rates within the Brandon submarket," Vail tells GlobeStreet.com. HFF was also involved in the prior sale to Blue Granite Partners from Fidelity Investments in 2010.
Located on the south side of Tampa's Crosstown Expressway and immediately west of Interstate 75 at 2302 Visconti Blvd., Estates at Tuscany Ridge is less than nine miles from downtown Tampa. Completed in 2007, the asset offers 23 buildings with one-, two- and three-bedroom units and is 95% leased. Community amenities include a clubhouse, cyber caf
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
