Westchase apartments sell for more than $70 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jun 24, 2020

A Westchase apartment community has been sold for more than $70 million.

Denver-based Forum Real Estate sold Veranda at Westchase for $70.45 million in a deal that closed June 19, according to Hillsborough County property records. Bridge Investment Group, based in Utah, is the new owner.

Bridge Investment Group owns two other properties in the Tampa area: Carrollwood Station and Plantation at Walden Lakes in Plant City.

Forum bought the property, then known as Viera at Westchase, in 2015 for $52.75 million or more than $135,000 per unit. It was built in 1999.

The community includes 390 units and a 7,000-square-foot clubhouse. The sales price breaks down to $180,641 per apartment.

The transaction comes as experts predict that Tampa Bay's apartment market will be challenged by the novel coronavirus pandemic, as those who have lost jobs struggle to pay their rent. In July, an additional $600 weekly in federal unemployment benefits that were doled out to help during the pandemic is set to expire.