Suburban Tampa apartments sell for $94 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Oct 16, 2023

A sprawling suburban apartment complex in Tampa has sold for over $94.3 million.

Utah-based Bridge Investment Group closed on Seven Lakes at Carrollwood on Oct. 10, according to Hillsborough County property records. The firm secured a $70.5 million mortgage from M&T Realty Capital Corp. of Baltimore, public records show.

Seven Lakes at Carrollwood was built in the early 1980s, property records show. It has 640 units; the price per key breaks down to $147,343. It last sold in December 2020 for $82 million.

Mike Donaldson and Nick Meoli of Cushman & Wakefield Inc. represented the seller, Nashville-based Covenant Capital Group, in the transaction.

“With Seven Lakes being one of the largest communities in the Tampa Bay area, its immediate ability to develop scale in the high-growth desirable Carrollwood submarket commanded a strong investor turnout during our marketing process,” Donaldson, Cushman & Wakefield vice chairman, said in a statement. “Furthermore, with sales velocity significantly lower this year, it is rare to find communities of this size on the market, which is why we received over 20 offers from some of the nation’s largest multifamily owners.”

The apartment complex has studio and one- and two-bedroom units. A 450-square-foot studio starts at $1,325, according to online rental listings on Oct. 13. Apartment rents can fluctuate daily as landlords adjust for demand and forecasted growth.

“The property received almost $7 million in capital expenditures over the last three years, making the property one of the most premier communities in its class and provides for a robust going-in income stream with upside through additional strategic upgrades and loss-to-lease burnoff,” Meoli, Cushman & Wakefield vice chairman, said in a statement. “We sold the property to Bridge Investment Group, a leading vertically integrated real estate investment manager who plans to capitalize on this upside and add Seven Lakes to their established Tampa Bay portfolio.”