05/03/2024
đź—ž Major Multifamily Real Estate Deal: The Pointe on Westshore Sells for $134 Million đź—ž
The Pointe on Westshore, a prominent 444-unit apartment complex in Tampa, has been sold for a staggering $134 million, marking it as one of the most significant multifamily sales in Florida this year. The buyer, Tampa-based American Landmark Apartments, acquired the property from Jupiter-based Index Investment Group, which originally developed the complex in 2021. The sale was officially announced by Colliers on Wednesday.
Situated on 23 lush acres along South Westshore Boulevard at West Prescott Street, The Pointe on Westshore boasts an enviable location with easy access to local amenities and picturesque views. The property was more than 92% occupied at the time of the sale, indicating a high demand for residential units in the area.
Breaking down the numbers, the acquisition price amounts to approximately $301,801 per unit. To support this purchase, American Landmark Apartments secured an $82.2 million mortgage, as documented in Hillsborough County property records.
This transaction highlights the continued strength and appeal of the multifamily market in Tampa, demonstrating sustained investor confidence and a buoyant local real estate environment.
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