American Landmark and its debt and equity partner Electra America have closed on the purchase of the Waters Edge apartments for an undisclosed price. The 216-unit property, located at 7610 West Waters Avenue in the Town ‘N’ Country neighborhood of Tampa, will be rebranded as WestEnd at 76Ten. Built in 1985, it will benefit from a $1.5 million in property improvements, including unit interiors upgrades. Exterior upgrades will include updated clubhouse and fitness center amenities, new pool furniture and cabanas. The asset, which is 96 percent occupied is the duo’s fourth in the Tampa metropolitan area.
“With accelerated hiring taking place in the Tampa-St. Petersburg area throughout the year, Waters Edge is a compelling investment opportunity near considerable employment hubs and attractions, while still allowing us to offer affordability to our residents,” said Christine DeFilippis, Chief Investment Officer of American Landmark.
