A group of California investors has acquired a Ballast Point apartment property for $40 million
Investors Management Group closed on the 276-unit Pavillions at Ballast Point on Aug. 1. The sales price breaks down to $144,927 per apartment.
IMG will rebrand the property Solis at Ballast Point and is planning interior and exterior renovations. It is the first time the apartment complex has sold since it was built in 1990.
“With $3 billion allocated for downtown Tampa’s Water Street development, we believe the demand for mid-level housing will grow substantially in the South Tampa market over the next five years,” Kevin Crook, director of acquisitions and dispositions with IMG, said in a statement.
A group of brokers from Colliers International Tampa Bay — senior associate Craig Brown and senior vice president Will Mathews — represented the seller, Pavillion Management Company, in the transaction.
“It’s truly a one-of-a kind asset, located in one of the highest occupancy submarkets with a compelling value add opportunity,” Brown said in a statement.
Colliers executive managing directors Nathan Lynch and Donald Jennewein represented IMG in securing debt and financing for the acquisition.