Los Angeles investors buy garden-style apartment complexes in Tampa
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jul 21, 2023

A team of Los Angeles investors focused on multifamily properties in Florida has picked up two garden-style apartment complexes in Tampa.

Westmount Square Capital and Miramar Capital have acquired 22 North and The Palms at Ashley Oaks. Public records show the sales price of the 176-unit 22 North as $17.56 million; the sales price of the 130-unit The Palms at Ashley Oaks was recorded as $9.2 million. Both properties are near the University of South Florida.

The combined sales price of the 306 units breaks down to $87,515 per key.

The portfolio "represents a value-add opportunity in workforce housing," said Mark McGregor, Westmount Square Capital principal. The acquisition marks the investors' entrance into the Tampa market; they own nearly 1,000 units in the Jacksonville market. The investors are under contract to buy a third apartment property in the Tampa area.

Improvements for 22 North and The Palms at Ashley Oaks are in the works, totaling $2.7 million in interior and exterior renovations.