Westchase apartments sell for $108 million in multibillion-dollar portfolio sale
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Nov 16, 2021

A Westchase multifamily property has traded for 30% more than its 2018 sales price as part of a $3.6 billion portfolio deal.

The 400-unit Avana Westchase, where half of the units are townhouses and half are traditional apartments, sold for $108.8 million or $272,137 per unit to Canadian investment firm Ivanhoé Cambridge Inc., according to Hillsborough County property records.

The seller, South Carolina-based Greystar, paid $82 million or $205,000 per apartment in 2018. Greystar bought the complex from Pollack Shores Real Estate Group, which paid $64.5 million in 2014 and renovated both the individual units and common areas.

Greystar is the largest multifamily operator in the U.S., with 748,000 units or beds under its control.

Ivanhoé Cambridge, based in Montreal, acquired Avana Westchase as part of a 30-property, 10-unit portfolio that Greystar sold for $3.6 billion, Greystar disclosed on Nov. 9.

“With a presence in 165 markets in the U.S. and 210 markets globally, Greystar’s vertically integrated platform has a breadth of expertise, and a real view on relative value and relative growth,” Bob Faith, founder, chairman and CEO of Greystar, said in a statement. “The disposition demonstrates the value of combining our strong global perspective with our specialized local knowledge to be able to deliver the best outcomes for our capital partners.”