Published/updated August 28, 2018 – The Real Deal
A California-based firm bought a 276-unit apartment complex in Tampa for $40 million.
Investors Management Group Inc. (IMG) of Woodland Hills, California, paid about $145,000 per unit for the property formerly known as Pavillions at Ballast Point.
IMG plans extensive exterior and interior renovations to the property, which has been renamed Solis at Ballast Point.
The 24-acre property at 6306 South MacDill Avenue in south Tampa is near MacDill Air Force Base and downtown Tampa. Amenities include a swimming pool, clubhouse, picnic area and covered parking.
The seller was Pavillion Management Group, which developed the 19-building apartment complex in 1990. Craig Brown and Will Mathews of Colliers International’s East Region Multifamily Advisory Group represented the seller.
IMG obtained a loan from a life insurance company to finance its acquisition of the apartment complex. Donald Jennewein and Nathan Lynch of Colliers Capital Markets handled the financing.
IMG also owns a 200-unit apartment property in Clearwater, called Clearwater Oaks, and a 230-unit apartment property in Port St. Lucie, called Waterleaf. [Multi Housing News] – Article By Mike Seemuth