135-Unit Apartment Community Adjacent to West River Redevelopment Trades for $22.165 Million
16 Nov 2020
Tampa, Fla. – November 16, 2020 – CBRE has facilitated the sale of West River Flats, a 135-unit multifamily property located at 1545 Spruce Terrace in the West Tampa submarket. The Otto Investment Group together with a German investoracquired the property for $22.165 million. CBRE’s Cameron Barbas, Francesco Carriera, and Michael Regan represented the seller, Urban Core Holdings, LLC, in the transaction.
West River Flats is located inside the West River redevelopment area, a 41-acre mixed-use master planned area on the northwest corner of downtown Tampa and across Hillsborough river from The Heights. The first phase of the West River redevelopment includes the construction of 99,000 sq. ft. of retail space, 77,000 sq. ft. of office space, a community center, Pre-K school, and more than 2,000 residential units.
“When we read about the City of Tampa’s InVision plan for the West River area, we knew that it was going to have a significant transformation. The expansion of the Riverwalk, the redevelopment of Julian Lane park as well as other riverfront areas so close to Tampa’s Downtown made West River Flats the perfect place to develop our vision of urban core living at an affordable price,” said Urban Core Holdings’ Omar Garcia.
The seller fully renovated the asset, added amenities and capitalized on Tampa’s urban core growth. The buyer will continue this business plan and benefit from the future growth of the submarket as the development site moves through to completion. Built in 1962, West River Flats features a diverse unit mix of one, two, and three bedrooms. The gated community includes an amenity package with swimming pool, oversized pool deck, fenced dog park, and large courtyards.
Urban Core Holdings’ vision and investment in this asset paid off. “West River Flats traded at one of the highest prices per unit for a 1960s vintage asset. This transaction represents the second highest price per unit for a single multifamily property of this size for all Florida markets outside of the South Florida MSA. This is a testament to the tremendous change the West Tampa submarket has undergone,” said Mr. Barbas, a Vice President at CBRE in Tampa. “The property houses students from the University of Tampa and USF’s College of Medicine as well as a mixture of working professionals with jobs based in the surrounding major job markets, and retirees. As the only private multifamily asset within the 120-acre redevelopment area, West River Flats presented a great value-add investment opportunity in an up and coming submarket close to Downtown.”
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