West Shore Continues Florida Expansion with Tampa Deal

TAMPA, FL—West Shore LLC has completed the acquisition of Grand Oasis at Carrollwood, an 883-unit residential community here, the company’s largest single transaction in its three-year history.

West Shore describes Grande Oasis as a well-located top-tier asset, offering residents a variety of amenities on a sprawling, 58 acre site. West Shore purchased the property from Crescent Real Estate, and the deal marks West Shore’s 26th acquisition nationwide and its 12th in Florida.

West Shore President Lee Rosenthal tells GlobeSt.com that there is rapid population growth in the rural areas surrounding Tampa, the Florida panhandle and in Central Florida. Some of the influx is the result of overcrowding in South Florida, he says.

“There is significant growth from out of state, and there’s also significant international growth,” Rosenthal says. “Fortune 500 companies are relocating offices and adding jobs across a variety of sectors including financial services and defense as two staples, and the service industry continues to grow as tourism grows as well. Healthcare is another significant driver.”

Rosenthal says there are various stages of renovations and interior finishes throughout the property. “We will strategically continue to offer a variety of attractive price points and amenities to prospective residents,” he says.

West Shore Chairman Steven P. Rosenthal describes Grande Oasis as an ideal high caliber multifamily asset the company sought for its growing portfolio, with an expected high return on investment.

“Grande Oasis is truly a premier property with a superb location, high end amenities, and a solid job market,” said Rosenthal. “This deal demonstrates our ongoing success and portfolio growth over the last three years as we continue to identify and acquire high quality properties like Grande Oasis in thriving areas.”

Grande Oasis is centrally located in Tampa’s Carrollwood section, within proximity to Tampa’s many demand drivers, amenities, and attractions including the Westshore Business District, Tampa Riverwalk, Raymond James Stadium, University of Tampa, ZooTampa, Busch Gardens, University of South Florida, and St. Joseph’s Hospital.

“Grande Oasis is a major addition to our portfolio,” Lee Rosenthal said. “We now own and operate 12 Florida properties and we see tremendous opportunity for continued growth in all of our Florida markets. Grande Oasis is a top-tier property in a solid market and we are especially pleased to be adding scale in the Tampa area – one of the country’s fastest growing metropolitan areas in terms of job and population growth.” Grande Oasis was built in 1991 and renovated in 2006.

West Shore owns and manages 11 additional Florida properties. Lee Rosenthal says the company will continue to evaluate properties on Florida’s west coast of similar vintage and newer.