Colliers, the leading diversified professional services and investment management company, announces it has brokered the sale of The Pointe on Westshore, a Class AA, 444-unit garden-style apartment community in Tampa. The 23-acre waterfront property has sold to an entity controlled by Tampa-based American Landmark Apartments for an undisclosed price. The South Tampa apartment community is located near the upscale Westshore Marina District, which has witnessed a revitalization with high-end developments, retail and restaurants coming to the area in recent years. This sale is one of largest multifamily deals in Florida so far this year and comes as this asset type is expected to remain the top choice of capital in 2024, according to recent Colliers U.S. Capital Markets research.
Casey Babb, CCIM, Shawn Rupp and Luis Baez of Colliers’ Tampa office in partnership with Bastian Schauer from the South Florida Investment Services Team in West Palm Beach and National Platform Leader and Vice Chair Will Mathews in Atlanta, represented the seller, Index Investment Group – an international real estate investment and development company with a U.S. headquarters in Jupiter, Fla. – in the transaction. American Landmark was represented internally.
“Despite being in a challenging real estate market, we are witnessing a notable trend where there is a flight to quality,” said Babb, executive vice president, multifamily investments at Colliers. “This transaction exemplifies this move towards excellence and showcases resilience in the market.”
“The buyer knows the Tampa market extremely well, and they recognized the opportunity to acquire a low-risk asset with a very high-quality construction in an irreplaceable location, which should yield a nice return for them,” Rupp, Babb’s Tampa partner, added. “We are grateful to our client, Index Investment Group, for building such an incredible property and one that would be very difficult to replicate in the current environment given the macro headwinds developers face today with stubbornly high construction costs and elevated interest rates.”
The buyer, American Landmark Apartments, is a major player in the multifamily space, with nearly 36,000 units owned across the Sunbelt, including major concentrations in all of the major Florida and Texas markets, the Carolinas, Atlanta, Nashville, Phoenix and Virgina.
The Pointe on Westshore, construction for which was completed in 2022, features spacious one-, two- and three-bedroom floor plans, including select floors with panoramic views overlooking Tampa Bay. The property boasts luxury finishes throughout, including stainless steel appliances, modern cabinetry and luxury vinyl hardwood-style tile. Amenities are world-class and include a resort-style pool, a junior-Olympic sized lap pool, private cabana chairs, BBQ grilling stations, pet spa, two rooftop decks, a large fitness center, resident clubhouse with a business center, conference rooms, lounge areas and other upscale features. Located at 4950 West Prescott Street, the property offers quick access to US Highway 92 (Gandy Boulevard), with drivetimes to St. Petersburg in 28 minutes and downtown Tampa in 20 minutes.
The property was 92% occupied at the time of sale.
Matthews, Colliers Multifamily Platform leader and Vice Chair, said, “Despite recent market challenges, including a rise in interest rates and a dramatic increase in insurance costs, we’re seeing resilience in operating fundamentals and a light at the end of the tunnel. As investors digest and navigate debt market challenges, we expect a rise in overall activity, especially among well-located assets with a proven track record of performance.”
About Colliers
Colliers is a leading diversified professional services and investment management company. With operations in 66 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 29 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.3 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
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