Providence-Aegon RA Joint Venture Pays $63M for FL Multifamily
The deal, which calculates out to $161,538 per unit marks Aegon RA’s first multifamily purchase under its recently formed Workforce Housing Investment program.
BRANDON, FL—A joint venture of Chicago-based Providence Real Estate and Aegon Real Assets US has acquired the 390-unit the Park at Via Rosa multifamily community here for $63 million.
The deal, which calculates out to $161,538 per unit, marks Aegon RA’s first multifamily purchase under its recently formed Workforce Housing Investment program. The seller of the 33-building, 400,140-square-foot community was Grand Rivage at Brandon Lakes, Ltd., managed by Blue Roc Premier.
Luis Elorza, Brad Capas and Michael Mulkern of Cushman & Wakefield’s Florida Multifamily Group facilitated the transaction and assisted Providence Real Estate with its equity raise for the purchase. The property is located one mile from Interstate 75’s Selmon Expressway interchange (Exit 93A) and is adjacent to a host of shopping and entertainment destinations, as well as major employment centers.
At the time of the sale, the garden-style property was 95% leased. The Park at Via Rosa was developed in 2000 on a nearly 24-acre site at 2211 Grand Isle Drive in Brandon. The property features one-, two-, three- and four-bedroom units with an average size of 1,026 square feet and an average market rent of $1,272 ($1.24 per square foot).
“This transaction leverages our experience and depth of relationships in the multifamily sector and illustrates our strategic goals to acquire and improve workforce housing in select metro areas,” says Cameron Jones, head of real estate equity acquisitions for Aegon RA. “The Park at Via Rosa is located in Hillsborough County, part of the vibrant Tampa metro area. Our capital improvements will refresh the property and preserve its appeal to the local community.”
Aegon RA provides yield-oriented private debt and equity strategies and specialty solutions backed by a full range of in-house support services. Aegon RA manages and advises more than $19 billion in real assets. Aegon RA US has offices in San Francisco and Irvine, CA; Chicago; Cedar Rapids, IA; Baltimore and New York City.
Cushman & Wakefield reports the new owners are expected to perform some capital improvements including upgrading units with new appliances, gray wood-plank flooring, new laminate countertops, tiled backsplashes and premium cabinet hardware.
Community amenities at the Park at Via Rosa include a clubhouse with a state-of-the art fitness center, business center with high-speed internet and WiFi, TV lounge and tanning salon; lake access; a pet play area; a barbecue area; a car care area; gated access; a playground; a pool and spa; tropical landscaping; a volleyball court and a tennis court.
“Brandon has witnessed unprecedented growth in recent years, which has fostered strong fundamentals in the local multifamily market,” says C&W’s Elorza. “The Park at Via Rosa represents an excellent value-add opportunity given the asset’s position within the market and new ownership’s planned capital improvements.”