Cushman & Wakefield represents Waypoint Residential in $37 million sale of The Point at West End in Tampa

Waypoint Residential LLC sold the apartment community to Blue Roc Premier Properties and Associates, LLC

105
Point at West End Apartments
Cushman & Wakefield has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.

Cushman & Wakefield has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.

Luis ElorzaBrad CapasRobert Given and Michael Mulkern of Cushman & Wakefield’s Multifamily Group represented Boca Raton, FL-based Waypoint Residential LLC in the sale. Blue Roc Premier Properties and Associates, LLC sourced, for their investors, the asset for $37.0 million ($104,000 per unit). Blue Roc is a property management company based in Tampa.

The Point at West End is a ±225,345-square-foot, garden-style apartment community developed in 1980 on ±19.47-acre site at 6161 Memorial Highway in Tampa’s Town-N-Country submarket. The property comprises 23 two-story residential buildings and one clubhouse.

The Point at West End offers a mix of studio, one- and two-bedroom apartments. The average unit is 633 square feet with an average market rent of $976 ($1.54 per square foot). The property was 91 percent leased at the time of sale.

Apartments at The Point at West End feature energy-efficient appliances, faux granite countertops, upgraded fixtures, oversized walk-in closets and spacious patios and balconies with attractive views.

Community amenities include a 24-hour fitness center, a cyber café, an outdoor grilling area, a car-care center, a resort-style pool with tanning ledge and sundeck, three on-site laundry facilities, a tennis court and a dog park.

Since 2016, Waypoint Residential LLC invested $3.5 million in capital improvements at the property including interior unit renovations, exterior paint and stucco enhancement, upgraded landscaping, a new fitness center and equipment, an upgraded dog park, sealing and striping of the parking lot, poolside improvements and upgrades to the leasing center. Prior ownership also demolished the former racquetball building leaving room for future on-site development.

“The Point at West End provided investors with an attractive, value-add opportunity with the potential for further growth through the expansion of the existing value-add program,” said Elorza.

Added Capas, “The property offers an infill location within the high barrier-to-entry Town-N-Country submarket, where future multifamily deliveries are limited and demographics are favorable.”

Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Michael MulkernNicholas Meoli and Michael Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary SackleyTroy BallardCalum WeaverErrol BlumerNeal VictorJames Quinn and Perry Synanidis in South Florida. Robert KaplanChris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.