CBRE ARRANGES SALE OF 598 -UNIT MULTIFAMILY PORTFOLIO

08 Jul 2020

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Tampa, Fla. – July 8, 2020 – CBRE announced today it has completed the sale of a two-property multifamily portfolio. The assets, 208-unit Viera Bayside and 390-unit Veranda at Westchase, are located in St. Petersburg and Tampa, respectively.

The portfolio was sold to Bridge Investment Group. CBRE’s Francesco P. Carriera and Michael P. Regan represented the seller and buyer in the transaction.

“Bridge Investment Group executed and performed flawlessly despite a global pandemic and lingering economic uncertainties during the closing period,” said Mr. Carriera, Executive Vice President at CBRE. “With several unforeseen systemic obstacles, open dialog and expeditated communication between all parties were paramount in overcoming these challenges resulting in a successful transaction.”

“The assets were purchased by assuming the current 54% leveraged, Fannie Mae debt in place for the two properties combined,” said Mr. Regan. “We were able to attract hundreds of investors and several offers, many of which had non-refundable earnest money on contract. The size and strength of these properties prove 1980s and 1990s value-add assets are highly sought-after multifamily assets in Pinellas and Hillsborough County.”

Viera Bayside is located at 500 110th Ave North, in St. Petersburg’s largest job market in Pinellas County, The Gateway Business District. The property offers new ownership the opportunity to benefit from improving rents to compete with similar nearby recently renovated assets. Viera Bayside has a refreshed clubhouse, gym, 24-hour access to the business center, and a separate leasing office. Future renovations could include a modern exterior upgrade by modernizing the pool area and landscaping surrounding the lakes. Luxury interior unit options such as granite countertops, modernized lighting, and plumbing fixtures, will significantly improve the property in a submarket where demand is high for premium features.

Veranda at Westchase was built by ZOM in 1999 and is located at 12401 West Hillsborough Ave, in Tampa’s premier Westchase suburb. The property boasts a modern design and resort-style living, which rivals today’s newer vintage assets. In addition to the modern design features, Veranda at Westchase offers apartments with the largest square footage in the area. It offers unique unit styles such as loft apartments with dramatic cathedral ceilings and 3-bedroom multi-level townhouses which are consistently in high demand for the submarket.

 

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.