The Focus Group has acquired a four property multifamily portfolio in Tampa in a $30 million transaction. The purchase of the 722 units breaks down to just over $41,500 per key. The four properties are Puritan Place a 232 unit community built in 1974, the 288 unit Rivertree Landing, Laurel Chase a 122-unit apartment community built in 1968, and the 70 unit Palm River. Michael Donaldson and Nicholas Meoli, both vice presidents investments in Marcus & Millichap’s Tampa office, represented the seller, Sam Jazayri. The deal was completed with a $26.8 million loan provided by Hunt Mortgage Group.
“The acquisition is an excellent opportunity for the new owner to realize outsized returns through stabilization and continued strategic renovations,” said Michael Donaldson, Marcus & Millichap. “The properties are located within the University and Temple Terrace submarkets, which have experienced strong occupancy and rent growth over the last few years,” added Meoli.
