29th Street Capital Acquires Two Apartment Properties in Tampa Bay Area for $112M
TAMPA AND CLEARWATER, FLA. — 29th Street Capital (29SC) has acquired two apartment communities in the Tampa Bay area for $112 million. The properties, Henley Tampa Palms in Tampa and Enclave at Northwood in Clearwater, have a total of 503 units. Luis Elorza and Justin Hofford of NorthMarq represented the seller, Preston Giuliano Capital Partners, in the transaction.
Mitch Sinberg, Brad Williamson, Justin Ownby and Wesley Moczul of Berkadia arranged $91 million in acquisition financing through PGIM Real Estate on behalf of 29SC. Trevor Arnholt of PGIM orginated the three-year, floating-rate loan with extension options. The loan includes $85.4 million in initial funding, with $6.1 million in future funding for capital improvements.
Built in 1997, Henley Tampa Palms is located at 15350 Amberly Drive, and is about 20 miles from Tampa International Airport. The 315-unit property offers one-, two- and three-bedroom units with nine-foot ceilings, attached garages, oversized closets, stainless steel appliances, plank flooring, fireplaces and patios. Community amenities include a pool, fitness center, clubhouse, dog park and climate-controlled racquetball courts.
Built in 1985, Enclave at Northwood is a 188-unit property with one-, two- and three-bedroom units. The units include a fireplace, hardwood floors, granite countertops, vaulted ceilings, walk-in closets, washers and dryers and terraces and balconies. Community amenities include two pools, a resident clubhouse, tennis court and a fitness center. Located at 2690 Enterprise Road East, Enclave at Northwood is situated about 9.2 miles from Saint Petersburg-Clearwater International Airport.
29SC plans to renovate unit interiors to include upgraded countertops, stainless steel appliances, modern backsplashes, new flooring, updated lighting and in-unit washer/dryers. The firm also plans to improve the clubhouse, amenities and curb appeal at both properties.
Haven Residential, 29SC’s in-house property management group, will oversee the management and leasing for both communities.