Four Tampa apartment buildings change hands in $1.5 billion portfolio deal
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jun 6, 2024

Four Tampa apartment communities totaling over 1,000 units were sold in a billion-dollar portfolio transaction.

Brookfield Properties purchased a 23-property, 7,300-unit portfolio in 11 states from Starwood Capital in mid-May, Green Street News reports. The sale of the Tampa properties closed May 24, according to Hillsborough County property records.

These are the Tampa properties that were included in the sale:

The Dawson Apartments, 15501 Bruce B. Downs Blvd., 408 units, $66.7 million or $163,544 per unit

St. James Crossing Apartments, 5620 Tranquility Oaks Drive, 264 units, $49.2 million or $186,723 per unit

Oak Ramble Apartments, 14627 Grenadine Drive, 256 units, $48.2 million or $188,365 per unit

South Pointe Apartments, 5000 S. Himes Ave., 112 units, $21.3 million or $190,484 per unit

Large multifamily transactions have become scarce in 2024, with values falling and investors struggling to finance deals. The majority of the Starwood portfolio — 10 properties — is in Florida, Green Street News reports. Other than Tampa, the markets with the most properties in the portfolio are South Florida, Denver and Salt Lake City.

"Part of the appeal of the portfolio is that all of the properties are near demand drivers for tenants, including universities and medical centers," Green Street News reports.

The overall median rent in Tampa is $1,584, according to Apartment List's June report. Tampa rents are down 1.2% year-over-year, according to Apartment List data. Falling rents, rising interest rates and construction costs as well a surge of new apartments opening has made development deals difficult but not impossible in the Tampa Bay region.