ORLANDO—Belara Lakes Apartments at 8402 North Waterford Avenue in Tampa, FL, has traded hands. Federal Capital Partners acquired the multifamily asset for $22.4 million.
“The acquisition of this well-located Tampa community is consistent with FCP’s strategy of investing in quality multifamily communities that appeal to a broad range of residents,” says FCP vice president Jason Ward. Nick Meoli of the Meoli-Donaldson team at Marcus & Millichap represented the seller.
The 324-unit multifamily community is located between the North Dale Mabry Highway retail corridor and Interstate 275. That gives multifamily tenants immediate access to the Westshore Business District, Tampa International Airport, International Mall and Raymond James Stadium.
The Belara Lakes acquisition marks the company’s first equity investment in a multifamily acquisition in Florida. The acquisition is FCP’s second investment in Florida in the last 90 days.
“We continue to see demand exceeding supply for well-located apartments in the Tampa Bay MSA,” Kevin Kelleher, senior director of multifamily sales in Franklin Street’s Tampa office, tells GlobeSt.com. “Pricing has certainly increased, but relative to other markets in the US, investors are finding value and growth potential in our market. We believe this trend will continue into 2016 despite the additional supply coming to the market.”