The Coastal Ridge/H. Katz joint venture has purchased more than $1 billion in properties since its inception in November 2014.

The sale transaction for the 93.3%-leased shopping center was announced by brokerage firm HFF, which marketed the property on behalf of the seller, Retail Value Inc, which earlier this month spun off of Beechwood, OH-based DDR Corp.

Passco's portfolio in the Sunshine State now totals more than 3,000 units, according to Colin Gillis, VP of acquisitions, southeast at Passco.

The 337,892-square-foot property consists of 16 three-story buildings. Waypoint Residential recently upgraded all unit interiors, which resulted in a notable rent increase and therefore now presents a strong value-add opportunity for the new ownership, according to Cushman & Wakefield.