TAMPA, FL—A two-property multifamily portfolio just traded for $53 million in the Tampa Bay area. ContraVest sold the assets to B&M Development Company, LLC.
Cushman & Wakefield's Florida Multifamily Advisory Group represented the seller. CushWake executive director Byron Moger and senior director Luis Elorza of were the only brokers involved in the transaction.
Courtney Trace and The Addison offer luxury amenities, high-end unit interiors, and a strong location just east of Tampa in Brandon. The two multifamily assets sit next to each other and offer quick access to Interstate 75.
“Investor demand for class A properties in Tampa was very strong this year and we expect the trend to continue in 2014,” says Elorza. “Courtney Trace and The Addison were sold with existing debt. Investors are increasingly acquiring properties with existing debt at values that achieve similar yields as properties that are sold free and clear of debt.”
Both multifamily properties are walking distance to attractive retail and restaurants. The Brandon Town Center, a 1.1-million-square foot regional mall, is less than one mile away. Courtney Trace has 288 units. The Addison has 167.
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