Garden-style apartments near Westshore sell for $45.7 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Sep 11, 2023

A garden-style apartment complex near Tampa’s Westshore business district has sold for more than $45 million.

Captiva Club, a 361-unit complex, has sold to Sinatra & Co. Real Estate, according to Institutional Property Advisers, a division of Marcus & Millichap. IPA’s Shelton Granade, Sean Williams, Luke Wickham and Justin Basquill represented the seller, Eagle Property Capital, and procured the buyer in the transaction.

The sale closed Aug. 25, according to Hillsborough County property records. The purchase price breaks down to $126,710 per apartment. The complex was built in 1974, according to property records.

“The inflow of capital into Florida continues to be very strong,” Granade said in a statement.

The property spans 20 acres off of Memorial Highway and has two pools, a large fitness center, clubhouse, pet parks and courtyards.

“Captiva Club is positioned as a desirable value-add candidate supported by its infill location, significant amenity footprint and Tampa’s strong prospects for continued growth,” Williams said in a statement.

A 443-square-foot studio apartment in Captiva Club starts at $1,345 as of Monday afternoon, though the property’s website cautions that pricing can change daily.