Atlanta developer buys South of Gandy land, begins construction on apartments
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jan 13, 2021

An Atlanta developer has closed on a former industrial property South of Gandy where it plans to build apartments.

Multifamily developer Penler paid $4.27 million for 10.5 acres at 6603 S. Trask St., according to Hillsborough County property records. The seller, Naples-based industrial developer Keating Resources, announced the deal Tuesday.

Mark Eilers, executive managing director at Colliers International Tampa Bay, represented both Penler and Keating in the transaction.

Penler secured a $22.8 million construction loan from Synovus Bank on Jan. 7, according to property records.

The plans call for 204 apartments, a mix of one-, two- and three-bedroom units. Brian Metzler, a partner in Penler, said construction will begin immediately. Keating said in a statement that the property was one of the last remaining large land sites South of Gandy.

The land sale is the latest in a slew of multifamily transactions in the Tampa Bay region. From new development proposals to investment sales, brokers and developers say there's no shortage of interest in apartment properties here, even after the market was temporarily slowed by the novel coronavirus pandemic.