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PO Box 1212 Tampa, FL 33601 Pinellas Updated September 2024
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RETURN TO NEWS INDEX Sembler, Argyle continue multifamily buying spree with Lutz apartments Sage at Cypress Cay and Lantana at Cypress Cay in Lutz add 576 units to the firms' growing multifamily portfolio in the Southeast. Sale prices were not disclosed; the properties were built in 2022 and 2023, respectively. The firms were the first acquirers of the property post-stabilization.
SIREP and Argyle outlined plans to acquire $1.5 billion worth of multifamily real estate when they formed the partnership in August 2022.
SIREP, the real estate arm of Steve Sembler’s family office, has been one of this region’s most active commercial real estate investors and developers over the last 30 years. The partnership with Argyle is focused on acquiring assets, however, according to SIREP CEO Mark Sembler, who said current market conditions firmly favor buyers, not builders.
vSage and Lantana were a unique opportunity to jump into the firms’ hometown market, which Sembler noted for its strong underlying fundamentals.
“Occupancy remains strong; we’ve sustained job creation and migration. So there’s strong household dynamics in Tampa,” Sembler said.
Argyle and SIREP have so far acquired three other properties worth approximately $200 million in transaction value. In January, the firms purchased Newbrook Point Hope, a 264-unit apartment complex in Charleston, South Carolina and in September, a 184-unit complex, Easton Place Apartments, in Murfreesboro, Tennessee for $40 million. They kicked off the joint venture with the acquisition of 303-unit Indigo at Cross Creek apartment complex in the suburbs of Charlotte, North Carolina, in early 2023.
Sage and Lantana are situated in a prime location in the Tampa Palms area, roughly 2 miles north of the University of South Florida and AdventHealth’s main hospital campus and 20 minutes from downtown Tampa and the Westshore business district. Their location also has easy access to interstates 275, 75 and 4.
“Tampa’s explosive growth story began well before the pandemic with submarkets like Lutz reaping the benefits of those tailwinds and emerging as a top destination for professionals and families,” Argyle CEO Ryan Reyes said in a statement. “Given the Tampa Palms submarket’s affluent demographics, proximity to major hospital systems and projected future growth, we feel great about planting this flag in our backyard.”
Argyle will make minor capital investments to improve the property after takeover, the firm said.
National development firm Range Water built the properties. Sage’s market value was previously assessed at $49.7 million and Lantana, $36.5 million, according to the Hillsborough County Property Appraiser, although SIREP and Argyle’s purchase price is expected to be much higher. The land was purchased for $6.5 million and $6.28 million in 2020 and 2021, respectively.
Sage has 324 units in total, with one-, two- and three-bedroom units, a resort-style pool and a dog park. Lantana, a 252-unit property, has comparable offerings.
“With approximately 30,000 health care and education jobs in the immediate vicinity and its proximity to downtown Tampa, these two properties are well-positioned to benefit from these growing and diverse employment hubs,” Sembler said. |
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