Landmark at Grand Palms, a 438-unit multifamily community in Tampa, has been acquired by Electra America. Built in 1986 on Northgreen Avenue, the property was acquired from Starwood Capital for an undisclosed price in a privately negotiated transaction. The asset, which will be rebranded as Northgreen at Carrollwood, will undergo approximately $3.5 million of capital improvements. The property, resting on 34 acres, was 96 percent occupied at time of sale, with effective rents at $981. The sale was completed with a $39.8 million acquisition loan through Fannie Mae. which was sourced from Berkadia’s South Florida and Philadelphia teams. The purchase marks the sixth property in the state for Electra America and the fourth overall in the greater Tampa area.
“We’re excited to have this exceptional Tampa property back in our multifamily portfolio,” said Christine DeFillippis, Electra America’s Chief Investment Officer. “We’re very familiar with the asset’s history and potential. This investment increases our footprint in the highly sought-after Tampa MSA, which consistently experienced 2.9% job growth over the past four years and added 42,800 jobs in 2016.”
