Tampa, Fla.-based American Landmark Apartments has teamed up with RSE Capital Partners, based in Washington, D.C., on acquiring Westly Shores, a 360-unit apartment community about 10 miles northwest of downtown Tampa. The property was originally developed in 1991 and used to serve as a corporate campus for PricewaterhouseCoopers. The company’s conference center was demolished, which freed up room for additional units and amenities.
The community was sold by an unnamed owner for an undisclosed sales price. Newmark Knight Frank multifamily vice chairman Patrick Dufour and director Ryan Crowley represented the seller, with executive managing director Bill Weber and managing director Matt Mense providing a Freddie Mac CME 10-year, fixed-rate loan.
The acquisition marks the 17th investment shared by Landmark and RSE, resulting in over $875 million of multifamily assets. Last month, the same team nabbed Mezza Apartments, a 440-unit apartment community in Jacksonville, Fla., as well as a five-asset, 1,848-unit portfolio in the Dallas-Fort Worth area and the Nashville suburb of Hendersonville, Tenn.
Courtesy American Landmark Apartments
The clubhouse at Westly Shores in Tampa, Fla.
Westly Shores is the 24th Florida addition to Landmark’s portfolio and the fifth in the Tampa Bay area. “Tampa Bay is a perennial market favorite for its consistent job growth and population growth,” said Christine DeFilippis, chief investment officer of American Landmark. “The Bay Area’s 27,500 new private-sector jobs is the third-highest number of jobs among all Florida metro areas created in the past year and illustrates the positive momentum this MSA continues to enjoy and another reason for investing in this property.”
The community was purchased as a value-add proposition as over a third of the property’s one- and two-bedroom units have original interiors and are primed for upgrades. Landmark also intends to invest $1 million into a newly revamped and renovated clubhouse. The firm owns and manages approximately 28,000 apartments throughout the Southeast and Texas and plans to add another $2 billion in assets to its multifamily portfolio this year.