Two northwest Hillsborough County apartment properties totaling 670 units have sold for a combined $78.2 million, records show.
Preserve at Westchase, located at the northwest corner of West Linebaugh Avenue and Countryway Boulevard, sold for $33,737,000, while nearby Tuscany Bay at Countryway and Citrus Park Drive traded for $44,554,000.
IMT Capital of Sherman Oaks, Calif., bought both properties from a portfolio controlled by Dallas-based Archon Group. Both transactions closed Tuesday. Calls to IMT on Wednesday and Thursday were not returned.
The 264-unit Florida Apartment Club in Boynton Beach is also believed to be part of the deal, but that could not immediately be confirmed.
“This shows the continued strength of the multifamily market for well-located, well-maintained apartments,” said Darron Kattan, managing director and multifamily brokerage specialist for Tampa’s Franklin Street, which was not part of the deal.
IMT took a $33.9 million mortgage on Preserve and a $44.8 million note on Tuscany, both through the Federal Home Loan Mortgate Corp., known as Freddie Mac, records show. Download PDF