The deal for the Plantation at Walden Lake community is a value-add play for the new owner—Bridge Investment Group, according to Cushman & Wakefield, which represented the seller in the transaction.

The developer broke ground last week on the 519-room JW Marriott hotel, which will be one of three hotels that will anchor the Water Street Tampa development, one of the largest downtown development projects taking place in the nation.

The 29-story Margaritaville Resort, brand inspired by the lyrics and lifestyle of singer, songwriter and best-selling author Jimmy Buffett, is to be developed by Sharif El-Gamal's Soho Properties in partnership with Chip and Andrew Weiss and MHP Real Estate Services.

The hotel is part of the multi-phased Water Street Tampa development project that will include more than 9 million square feet of commercial, residential, hospitality, educational, entertainment, cultural and retail space on 50 acres.