San Pablo Apartments is a 200-unit property in Jacksonville, FL.

TAMPA, FL—A six-property multifamily portfolio in Central and North Florida garnered significant interest and eventually was acquired by a local limited liability company for $88.4 million.

Brokerage firm Marcus & Millichap reports the sale of the Tripointe Value-Add Portfolio, which consists of 1,010 multifamily units. The properties that were sold by an Ohio-based limited liability company, traded for $87,524 per unit.

The properties that changed hands were: The Palms at Brandon (184 units) in Brandon; Bradford Place (154 units) in Orange Park; the Mallards of Brandywine (168 units) in Deland; Marsh Oaks (120 units) in Atlantic Beach; San Pablo (200 units) in Jacksonville and Shadow Lakes (184 units) in Ormond Beach.

“The Tripointe Value-Add Portfolio was a very rare and unique opportunity to acquire six well-located assets in Central and North Florida that generated the highest number of offers we have ever received on any of our prior marketing assignments,” says Michael Donaldson, SVP investments in Marcus & Millichap's Tampa office, who along with Nicholas Meoli, SVP investments, represented the seller and procured the buyer. “

He adds the portfolio drew more than 500 registered buyers and 60 offers. With the portfolio trading at the target price, Donaldson notes the deal “makes it clear that the investment community is continuing to seek value-add opportunities on a mass scale.”

“Even though most of the assets are in secondary locations, investors were attracted to the strong demographic and market trends occurring in each submarket, as well as the ability to renovate the communities in order to achieve rent premiums approaching $200-per-unit per month,” Meoli says. “Given the rising interest rate environment with tremendous capital on the sidelines, we anticipate continued demand for multifamily portfolio opportunities in Florida.”

Instant Insights /

60 Bidders Compete for Six-Property Multifamily Portfolio in Florida

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