Image courtesy of Cushman & Wakefield
Cushman & Wakefield has facilitated the sale of The Park at Via Rosa, a 390-unit apartment community in Brandon, Fla., for $63 million. That sale price represents a price per unit of $161,538.
The property was acquired by a joint venture between Providence Real Estate and Aegon Real Assets US. The seller was Grand Rivage at Brandon Lakes Ltd., managed by Blue Roc Premier. Cushman & Wakefield’s Florida Multifamily Group of Luis Elorza, Brad Capas and Michael Mulkern facilitated the transaction and assisted Providence Real Estate with its equity raise.
“Providence Real Estate needed to identify an equity partner within a very short time period,” Elorza told Multi-Housing News. “Given our knowledge of this investment opportunity and extensive relationships with institutional and private equity groups, we were able to identify an equity partner that was looking for this type of investment opportunity and equity structure.”
Developed in 2000, The Park at Via Rosa features 33 buildings and 400,140 square feet on an approximately 24-acre site at 2211 Grand Isle Drive in Brandon. The garden- style property offers a blend of one-, two-, three- and four-bedroom floorplans averaging 1,026 square feet in size. Their average market rent is $1,272 or $1.24 per square foot. The property was 95 percent leased at the time of the sale.
Among features and finishes of the community are 9-foot ceilings in lower-level residences, vaulted ceilings on upper floors, designer tile in kitchens and baths, European light fixtures and full-size washers and dryers. Detached garages are offered with select units. Notable common-area amenities include a tanning salon, lake access, barbecue area, car care area and volleyball court and tennis court.
The joint venture acquiring the property plans in-unit upgrades that will include new appliances, gray wood-plank flooring, new laminate countertops, tiled backsplashes, and premium cabinet hardware.
The Park at Via Rosa is situated in the heart of Brandon, a city in Hillsborough County. It is located about one mile from Interstate 75’s Selmon Expressway interchange at Exit 93A, placing residents close to job hubs, upscale shopping and entertainment.
“This transaction leverages our experience and depth of relationships in the multifamily sector and illustrates our strategic goals to acquire and improve workforce housing in select metro areas,” said Cameron Jones, head of Real Estate Equity Acquisitions for Aegon RA, in a prepared statement. “The Park at Via Rosa is located in Hillsborough County, part of the vibrant Tampa metro area. Our capital improvements will refresh the property and preserve its appeal to the local community.”