South of Gandy apartments sell for $64 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jul 24, 2024

A garden-style apartment complex in the South of Gandy area has sold for more than $300,000 per apartment.

Developer Zom Living has sold Azola South Tampa to Momentum Real Estate Partners for $64.3 million, according to Hillsborough County property records. Northwestern Mutual provided a $34.5 million mortgage for the acquisition.

The 214-unit complex broke ground in 2021. Zom is an active developer in the Tampa Bay region and recently partnered with MetLife Investment Management to develop a long-awaited apartment complex in MetWest International.

“Tampa has undergone a significant real estate boom in recent years and stands out as one of the nation’s fastest-growing metropolitan areas,” Greg West, CEO of Zom Living, said in a statement. “The sale of this community underscores the robust demand we’ve witnessed for amenity-rich living spaces, reflected by our consistently strong property performance over the years.”

Azola sold for significantly more per unit than Jade, a North Hyde Park apartment complex that sold in June for $264,656 per apartment, though Jade is in a more urban neighborhood favored by University of Tampa students.