135-Unit Apartment Community Adjacent to West River Redevelopment Trades for $22.165 Million

16 Nov 2020

West River Flats Website

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.”

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.