Plant City apartments sell for barely more than 2019 price
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: May 28, 2024

A garden-style apartment complex in Plant City has sold for $34.77 million — barely more than the seller paid for the property in 2019.

Northland, a Massachusetts-based private equity firm, purchased the complex formerly known as Madison Park Road on May 21, according to Hillsborough County property records. The seller, Investcorp, paid $32.6 million in 2019, according to county property records. County records indicate that Northland assumed the existing mortgage on the property.

The complex, which Northland renamed Bella Vista on Park, has 248 units and was built in 2000. The price per unit is $140,225. Rents in Bella Vista start at around $1,390 for a one-bedroom unit, according to the property's website. Bella Vista has one-, two- and three-bedroom floor plans as well as an on-site fitness center, pet park and playground, among other amenities.

Tampa Bay's multifamily real estate market is going through a value reset, experts say, and many properties are trading at or below their most recent sales price. In April, Lumi Hyde Park sold for 28% less than it did in 2022. Business influencer Grant Cardone picked up a Tarpon Springs property for a discount in early 2024.

Northland owns properties throughout Florida and the Tampa Bay region, including downtown Tampa's Element apartment tower. It also owns the Village at Terra Bella in Land O'Lakes.