Florida apartment portfolio sale includes Brandon property
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Aug 19, 2022

An apartment complex in Brandon is part of a $53 million multifamily portfolio sale.

Los Angeles-based Odyssey Properties Group has acquired The Easton in Brandon and Tidewater at Atlantic Beach, near Jacksonville, for a combined $53 million. The Easton, which has 184 units, was previously known as Park at Vincenzo.

The price per unit for the portfolio is $174,324. The Easton was built in the 1970s, according to Hillsborough County property records.

“We’ve been bullish on supply-constrained Florida markets like Tampa and Jacksonville, which have demonstrated impressive resilience and emerged out of the pandemic with strong occupancy rates and attractive rental upside,” Derek Graham, president and principal at Odyssey Properties Group, said in a statement. “We were able to leverage our team’s diligent underwriting process and strong negotiation skills to strategically transact on assets at the opportune time.”

The pandemic only heightened investor interest in Florida’s multifamily real estate, as apartment demand and rents surged to all-time highs driven by new residents flocking to the Sunshine State. Odyssey said that over the past two years, the national average population growth of .77% has been surpassed by Tampa (1.37%) and Jacksonville (1.71%).

“There is tremendous opportunity for job growth accompanying the population influx in both markets,” Graham said. “The Jacksonville area’s favorable business climate and leading transportation and distribution port has made it a hub to numerous import industries, tech firms, and financial heavyweights, including Bank of America, Merrill Lynch, JPMorgan Chase, Wells Fargo and others.

“Additionally, Tampa remains one of the more diverse and dynamic areas in the country with the Port Tampa Bay, Tampa International Airport, CSX rail and major highways positioning it as the market of choice for major distributors such as Amazon and Coca-Cola Refreshments. The industry titans in each area are rapidly expanding, which will continue to enhance the overall job growth in both markets.”