Jade apartments in North Hyde Park sold to Hamilton Zanze & Co.
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jun 24, 2024

A San Francisco firm has acquired an apartment complex in Tampa's North Hyde Park neighborhood for $50.8 million.

Jade, a 192-unit apartment complex with 3,100 square feet of retail space, was sold to Hamilton Zanze and Co., according to Hillsborough County property records. The seller was Illinois-based Wingspan Development Group, which developed Jade at West Cass Street and North Willow Avenue. Jade sits on the former Greater Tampa Showmen's Association property, which Wingspan bought for $3 million in 2019. The apartments wrapped up construction in 2022.

Property records show that Hamilton Zanze and Co. secured a $37.4 million mortgage from Berkadia Commercial Mortgage LLC for the acquisition. The sale closed June 20.

Tango Brew, a coffee and wine bar, has leased 1,600 square feet of Jade's commercial space.

The price per unit is $264,656 — a 35% decrease from the $409,451 per apartment that The Gray in North Hyde Park sold for in 2022. Jade is .3 miles from The Gray and has a similar midrise structure. Most apartment experts agree that 2022 marked the peak of the Tampa Bay region's multifamily market. Several complexes have sold at a major discount this year, including Lumi Hyde Park.

Still, North Hyde Park is a neighborhood in demand. A Tampa investment group bought the former United Cab property earlier this month, adding to an assemblage that's been years in the making.