Cushman & Wakefield has negotiated the sale of Mezzo of Tampa Palms, a 340-unit multifamily asset in the exclusive Tampa Palms community of northeast Hillsborough County.
Boston-based global real estate private equity firm Taurus Investment Holdings acquired the property for $59 million ($173,529 per unit). Luis Elorza, Brad Capas, Zachary Sackley, Robert Given and Michael Mulkern of Cushman & Wakefield’s Florida Multifamily Group represented the seller, Boston-based Preston-Giuliano Capital Partners, in the transaction.
Mezzo of Tampa Palms is a three-story, garden-style property comprising 20 residential buildings with a mix of one-, two- and three-bedroom floor plans. The average unit in the community is 1,193 square feet with an average market rent of $1,313. The community was above 95 percent leased at the time of sale.
Units at Mezzo of Tampa Palms offer nine-foot ceilings, built-in entertainment centers, enormous closets, fully equipped kitchens with microwaves and large pantries, the largest patios and balconies available in Tampa Palms, glass-enclosed showers and oversized soaking tubs, upgraded lighting and fixtures and washers and dryers. Select units feature garages with remote access; vinyl plank flooring; black or stainless steel appliances; new, modern cabinet doors; quartz countertops; under-cabinet mounted lighting; recessed lighting with dimmers; modern subway-tile bathroom showers; and nine-inch deep kitchen sinks with sleek pull-out spray faucets.
Community amenities include a 7,000-square-foot clubhouse, a fitness center with Fitness On Demand™, a business center, Wi-Fi in community areas, two resort-style pools, a poolside outdoor kitchen with a fire pit, gated access with virtual guards, a dog park, a tennis court, a playground, a barbecue and picnic area, walking/jogging trails and a sun deck.
Preston-Giuliano Capital Partners completed more than $3.4 million in capital improvements at Mezzo of Tampa Palms since 2015. These modernizations included new roofs, a renovated clubhouse, exterior paint, poolside upgrades, the installation of LED lighting and a virtual gate system. They also upgraded approximately 30% of the unit interiors.
“An excellent location, proven upgrade premiums and a significant capital improvement investment by the seller combined to make Mezzo the ideal value-add investment opportunity,” said Capas.
Mezzo of Tampa Palms was developed in 1992 on a ±22-acre site at 15210 Amberly Dr. This location is proximate to some of Tampa’s largest employment centers, including the Interstate 75 Office Corridor, University of South Florida, Downtown Tampa and Westshore. The property is located on northwest side of Bruce B. Downs Boulevard, which serves as a main thoroughfare in the area, providing exceptional access to abundant retail, dining and entertainment options.
“The Tampa Palms submarket is very desirable for rental investors due to its preferred suburban lifestyle, excellent schools and immediate proximity to a broad range of employers concentrated along Interstate 75 and surrounding nearby University of South Florida,” said Elorza.
Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Mulkern, Nicholas Meoli and Michael Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.