Universe Holdings has made its entry into the Florida real estate market with the acquisition of Pearce at Pavilion, a 250-unit multifamily property in Tampa, Florida for $66 million. The acquisition included the assumption of a Fannie Mae loan at a 4.13 percent interest with several years remaining on term, at 47% LTV.
Completed in 2016, Pearce at Pavilion’s high unit count allows Universe, which has transacted more than 7,500 apartment units throughout California and New Jersey, to immediately build scale and paves the way for additional investments in Tampa and throughout Florida. Universe plans to acquire more large complexes in Florida over the next 12 to 24 months according to Universe CEO Henry Manoucheri.
“Entering the market with the acquisition of Pearce at Pavilion is quite an accomplishment for us and demonstrates our ongoing commitment to build an East Coast portfolio that will be on par with our holdings in Southern California in a relatively short period of time,” said Manoucheri. “Like the other markets where we have invested, Florida is benefiting from a growing economy fueled by an expanding population that is migrating from more expensive cost-of-living markets as well as a legislative environment that is business friendly, no state tax, and fantastic demographics with growth, which is all very attractive.”
Universe’s entry into the market is the result of more than three years of research and due diligence. This included knowledge gained by Manoucheri backing his two sons Avi and Aaron with their investment of nine multifamily communities in Florida including acquisitions in Ft. Lauderdale, Bradenton, Daytona Beach and Fort Myers. Avi and Yosef Manoucheri’s insight in moving to Miami three years ago, along with Aaron’s keen sense of deal flow, strongly enabled the family to focus nationally.
Pearce at Pavilion is a Class A apartment community offering one- and two-bedroom floor plans featuring top-of-the-line interior finishes that include gourmet kitchens, granite countertops, Whirlpool stainless steel appliances, wood-style flooring, and in-suite full-sized washers and dryers. The property also features extensive indoor and outdoor amenities, including a resort-style pool and spa, poolside covered seating, clubhouse with coffee bar, Wi-Fi Café with business center, multimedia game room, state-of-the-art fitness center, Luxer One package room and a fenced dog park.
